UPDATE: Morgan Stanley Downgrades Xcel Energy to Equal-Weight on Valuation
Morgan Stanley downgraded Xcel Energy (NYSE: XEL) from Overweight to Equal-weight and lowers the price target from $30.00 to $28.00.
Morgan Stanley said, "XEL trades at ~14.0x our 2014e EPS compared to the 14.5x multiple of its large cap regulated peers. Given an average dividend yield and strong ~5% EPS growth, offset by concerns emerging in the Minnesota jurisdiction, we believe shares should trade more in-line."
Xcel Energy closed at $26.91 on Wednesday.
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