BMO Capital Markets analyst James M. Thalacker downgraded Xcel Energy Inc XEL from Outperform to Market Perform at a decreased price target of $64 (from $69).
The analyst is bearish on the lower-than-expected terms of the regulatory settlement in Colorado.
Although the analyst has confidence in management’s ability to improve cost and productivity, which will aid in diminishing the impact of the recent regulatory outcomes, the cumulative effect of both results may lead to an EPS cut.
The analyst believes the outcome can result in initial de-rating until the company confirms meeting its previous growth outlook of being in the top half of its 5%-7% long-term growth rate.
Thalacker lowered the EPS estimate to $3.36 for 2023, $3.56 for 2024, and $3.80 for 2025, respectively, to factor in CO settlement, which was ~$35 million lower than his current forecast.
Price Action: XEL shares are trading lower by 0.31% Y/Y at $62.62 on the last check Thursday.
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