UPDATE: Goldman Sachs Upgrades Xcel Energy to Buy, Raises PT on Solid Growth, Attractive Valuation

In a report published Wednesday, Goldman Sachs analyst Michael Lapides upgraded the rating on Xcel Energy XEL from Neutral to Buy, and raised the price target from $29.00 to $32.00. In the report, Lapides noted, “We upgrade XEL to Buy from Neutral and raise our 12-month target price to $32 from $29, implying 11% total return. Our 2013-2015 forecasts of $1.94/$2/05/$2.13 appear 2%/3%/3% ahead of consensus levels. We expect XEL to deliver above-average EPS growth and returns, but shares continue to trade at a discount given major rate cases outstanding in Minnesota and Texas. We expect constructive resolutions of these cases over the next six months and continued earnings execution will drive multiple re-rating.” Xcel Energy closed on Tuesday at $29.70.