Analyst Note| Travis Miller |
We are raising our fair value estimate to $52 per share from $51 after Xcel Energy reported earning $2.79 per share for full-year 2020, up 6% from 2019. We are reaffirming our narrow moat and stable moat trend ratings. Results from 2020 were in line with our estimate and management's guidance range. The fair value increase was due to time-value appreciation and an increase in our capital investment forecast.