XEL had a pretty wild ride this past year. If you look back, it spent months meandering around the high 60s to low 70s, then out of nowhere it ripped above 80 in September and October. Since then, yeah, it gave some of that back, but it hasn’t crashed all the way down. Sitting at 78.09 right now, feels like it’s trying to find its feet again.

I’m leaning bullish for the next few months. The rate environment is finally stabilizing, and utility names like XEL should start to catch a bid as people rotate out of high flyers and back into steady cash flow. Their recent earnings weren’t mind blowing, but not a disaster either. XEL is still growing its dividend and has solid regulatory relationships, so the bottom probably holds unless there’s some major macro shock.

Looking for a move up to 92.00. That’s around 18 percent over current price, but I think it’s realistic if utility sentiment improves and rates don’t spike again. The main risk: regulatory blowback or surprise capex overruns. If something ugly pops up in their next update like a rate case going sideways that could stall things fast.

The big catalyst is any shift in Fed tone or a decent earnings surprise. Even a modest beat could set off a chain of upgrades. If that happens, I’d expect the move up to hit pretty quickly. Until then, this feels like a decent risk/reward play if you’re cool with a bit of chop.