Xcel Energy upgraded to Buy at Argus on data center potential, dividend growth

Argus upgraded Xcel Energy to Buy from Hold with a $68 price target. The firm is citing the company’s outlook for “solid” growth in 2024 along with its “data center potential” while also noting that Xcel tops its peers on several key valuation metrics, the analyst tells investors in a research note. Argus further notes that the company has a history of annual dividend increases, pointing to its current yield of 3.7% that exceeds the firm’s peer average payout of 3.5%.