UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Xcel Energy

In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on Xcel Energy

, and raised its price target from $26.00 to $28.00. BMO Capital Markets noted, “Management expects EPS to grow on average by 5%-7% through 2014, and taper off in 2015 and beyond, based on the existing pipeline of projects. We note that should the economy improve and load growth accelerate, XEL may need to undertake additional projects that are not currently in its capex guidance, which would provide EPS upside. XEL included termination of the Prairie Island uprate project in the 2013-2017 capex guidance, cutting it by ~$205 million over the five-year period.” Xcel Energy closed on Thursday at $27.28.