Xcel Energy upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Neil Kalton upgraded Xcel Energy (XEL) to Overweight from Equal Weight with a price target of $72, up from $70. As a fully integrated regulated electric utility, Xcel is well positioned to benefit from “strong” load growth trends given its exposure to data centers and the reshoring of manufacturing, the analyst tells investors in a research note. The firm models annual earnings growth of 8% and sees the potential for additional upward revisions. While wildfire-related risks remain a key concern, the company’s liabilities from Marshall & Smokehouse Creek will be manageable, contends wells.