Xcel Energy price target lowered to $57 from $64 at Wells Fargo

Wells Fargo analyst Neil Kalton lowered the firm’s price target on Xcel Energy to $57 from $64 and keeps an Equal Weight rating on the shares. Wildfire risk continues to detract from what is a good story, the analyst tells investors in a research note. The firm thinks the outcomes of the Smokehouse and Marshall fires will result in manageable liabilities for Xcel, and while the firm agrees with management’s position that tfederal and/or state legislation is needed to provide financial protection for utilities, until then, it is very difficult to assess the present value of Xcel’s future wildfire risk, Wells says.