Evercore ISI raised the firm’s price target on Xcel Energy (XEL) to $74 from $70 and keeps an Outperform rating on the shares. The firm maintains a positive outlook for the power and utilities group, saying improving fundamentals and a favorable valuation backdrop should support outperformance through the first half of 2025. Factors such as inflation moderating, potential future interest rate cuts, and rising electricity demand are expected to act as tailwinds, the analyst tells investors in a research note. Evercore anticipates elevated investment in utility infrastructure, particularly driven by data centers, with more deals and announcements expected in 2025. It upgraded four names after rolling out 2024 earnings forecasts.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on XEL:
- Xcel Energy upgraded to Overweight from Equal Weight at Wells Fargo
- Xcel Energy’s Monticello plant receives approval to extend operations
- Itron announces collaboration with Xcel Energy in Colorado
- Xcel Energy upgraded to Overweight from Neutral at JPMorgan
- Xcel Energy price target raised to $79 from $74 at KeyBanc