UPDATE: Jefferies Downgrades Xcel Energy to Hold on Valuation

Jefferies lowers its rating on Xcel Energy

from Buy to Hold based on valuation. Price target is reduces from $30 to $29. Jefferies says, "We are downgrading XEL to Hold from Buy based on valuation. The stock is currently trading at an 8% P/E premium to our 2014 group average multiple which is close to our 10% target premium. When we initiated on the stock in September 2011, the company had been trading at almost a 5% P/E discount." XEL closed at $27.49 on Monday.