I like XEL, but this report just rehashes information that we already know. Even if it wasn't, we'd have to take it with a grain of salt because it states itself that it is not neutral or impartial.

From the end of the report:

Applicable Disclosure Details
1) In the last 12 months, WWCM, or its affiliates, have managed or co-managed
an offering of securities by the subject issuer.
2) In the last 12 months, WWCM, or its affiliates, have received compensation
for investment banking and related services from the subject issuer.
3) The research analyst or a member of the research analyst’s household, or any
associate or individual preparing the report, has a long position in the shares
and/or the options of the subject issuer.
4) The research analyst or a member of the research’s household, or any
associate or individual preparing the report, has a short position in the shares
and/or the options of the subject issuer.
5) WWCM or its affiliates is a market maker, or is associated with the specialist
that makes a market in the securities of the subject issuer.
6) WWCM or its affiliates own more than 1% of any class of common equity of
the subject issuer.
7) WWCM has a conflict of interest with the subject issuer.
8) The research analyst(s) has a conflict of interest with the subject issuer.
9) Over the last 12 months, the research analyst has received compensation based
on a specific investment banking transaction relative to the subject issuer.
10) The research analyst or a member of the research analyst’s household serves as
a Director or Officer or Advisory Board Member of the subject issuer.
11) The research analyst(s) has viewed the material operations of the issuer.
12) A portion of the travel expenses of the analyst were paid or reimbursed by
the issuer.

I'll be thrilled when we have a report or two from some independent brokerages or investment banks.

Cheers,

PW