Xcel Energy downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst James Thalacker downgraded Xcel Energy to Market Perform from Outperform with a price target of $64, down from $69. The downgrade reflects the lower-than-expected terms of the company’s regulatory settlement in Colorado, which would represent the second suboptimal regulatory outcome for Xcel this month, the analyst tells investors in a research note. The terms of the Colorado settlement was $35M lower than the firm’s forecast, and BMO Capital feels shares could see additional multiple compression from current levels.