BofA analyst Julien Dumoulin-Smith upgraded Xcel Energy to Neutral from Underperform with a $70 price target. The analyst cites the company's discussions with state regulators on how to improve the regulatory alignment for its Power Purchase Agreements, or PPA, and he looks ahead to early February for the next "constructive" datapoint and cites a "growing support" for takeout approvals in Minnesota along with "fewer hurdles in other states". Dumoulin-Smith adds that Xcel's efforts to "decarbonize" have not gone unnoticed, with the company having reduced its carbon by 40% since 2015 with an aggressive target of 80% reduction by 2030.