We bucket these cases into three groups: 1) cases that are essentially in the rearview, totaling ~30% of total rate base, 2) cases that are close to being resolved, totaling ~40% of rate base, and 3) cases that are still active, totaling ~10% of rate base. A lot more detail in the report below. XEL continues to make a strong case to moving back to its historical premium valuation given balanced potential resolutions to its regulatory backlog and bolstered rate base growth opportunities. We remain Buy on shares of XEL and increase our PT to $98 from $94 to account for less regulatory uncertainty.