Analyst Note
| Travis Miller |We are reaffirming our $57 per share fair value estimate for Xcel Energy after management reported $0.70 per share of earnings in the first quarter of 2022 and reaffirmed its full-year outlook, including its $3.10-$3.20 EPS guidance range. Xcel remains on track to meet our full-year and long-term financial estimates. We are reaffirming our narrow moat and stable moat trend ratings.