![]() CNBC's Michael Bloom contributed to this report. "Overall, XEL remains an attractive regulated story with exposure to energy transition themes across generation and transmission, which underpins an extended growth runway into the next decade," Tonet said. "We expect this outcome and heightened market attention on the CO electric rate case to weigh on XEL for now mirroring reactions over the past nine months to varying levels of surprise in the rate case arena." Still, JPMorgan thinks Xcel's exposure to the transition toward clean energy bodes well for the company's future, given the growth opportunities available due to the spark of interest and investment in renewables. "The company currently carries a top +13.5% P/E premium across our regulated coverage, which leaves little room for the regulatory risk now highlighted by the commission's order," Tonet said. The commission's increase amounts to 9.25% return on equity, the note said, which is below the firm's expectation of roughly 9.6%. Analyst Jeremy Tonet thinks Xcel Energy, a large provider of electricity and natural gas concentrated in western and midwestern states, faces headwinds due to a decision from the Minnesota Public Utilities Commission to raise electricity rates by roughly half of what the company had expected. XEL YTD mountain Xcel Energy stock has pulled back about 9.4% so far in 2023. JPMorgan's new forecast equates to 7% upside from the stock's $63.55 close Thursday. The bank downgraded Xcel Energy to neutral from overweight Friday, with a new $68 per share price target reduced from $79. Solid Colors & Houndstooth: 70 Cotton/30 Polyester with 100 cotton 32 singles face yarn for supreme printability and softness. JPMorgan Chase thinks a new slate of regulation will weigh on Xcel Energy despite the utility's exposure to a transition toward clean energy. Personal Loans for 670 Credit Score or Lower 13K 1M views 4 years ago Google Pixel Slate, powered by the reimagined Chrome OS. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit Cambridge Pavingstones offers a wide variety of shapes and sizes of pavers to best fit every homeowners needs.
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