Xcel Energy price target lowered to $63 from $72 at Wells Fargo

Wells Fargo lowered the firm’s price target on Xcel Energy to $63 from $72 on lower peer multiples, while keeping an Equal Weight rating on the shares. The firm notes capex refresh supports 7%+ EPS CAGR. But large capital plan increases capital markets risk. With shares trading at about 10% price to earnings multiple premium to peers, Wells views risk/reward as balanced.