Xcel Energy upgraded to Buy at BofA as Colorado plan sets path for growth

As previously reported, BofA analyst Julien Dumoulin-Smith upgraded Xcel Energy to Buy from Neutral with a price target of $66, up from $58. While noting that the upgrade comes “relatively soon after” the firm had recently downgraded the shares, the firm feels confident that the recent Colorado Resource Plan proposal “lays the foundation for an upward inflection in rate base growth to the end of the decade,” the analyst tells investors. In Colorado, the firm views the PSCo growth and upside opportunity as more “tangible” and relevant than the Marshall Fire liability overhang, BofA added.