Xcel Energy upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research upgraded Xcel Energy to Outperform from Peer Perform with a $58 price target. The company lost $4B in value on the Texas fire but damages will likely prove under the $500M insured, the analyst tells investors in a research note. The firm says that while future fire risk likely keeps Xcel below prior valuation premiums, the current 10% discount is an attractive entry point “for an otherwise high-quality utility.”