UPDATE: Jefferies Raises PT on Xcel Energy Following 1Q13 Earnings

In a report published Friday, Jefferies analyst Paul B. Fremont reiterated a Hold rating on Xcel Energy

, and raised the price target from $30.50 to $32.50. In the report, Fremont noted, “1Q13 earnings of $0.48 were above prior year result of $0.38 and consensus of $0.45. The improved quarter result was driven by rate increases in cold winter weather. We are increasing our 2015 estimate to reflect anticipated future rate increases.” Xcel Energy closed on Thursday at $31.35.