Jefferies Raises Price Target on PNM Resources (PNM)

August 6, 2012 8:14 AM EDT
Get Alerts PNM Hot Sheet
Price: $33.90 +1.35%

Rating Summary:
    9 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Analysts at Jefferies maintained a Buy rating on PNM Resources (NYSE: PNM) but raised their price target to $25.00 (from $23.00).

PNM Resources' reported 2Q12 Operating earnings of $1.33 were above the consensus estimate of $0.29. The company indicated that it expects to earn at the mid-point of its guidance range of $1.20-$1.32. Jefferies believes there is significant potential earnings upside associated with the Palo Verde nuclear plant.

Analyst Paul Fremont said "The improvement was primarily driven by rate relief, warm weather and a lower share count. The company and New Mexico state politicians are working with the EPA to resolve differences relating to the environmental upgrades necessary to make the San Juan coal plant compliant with the Clean Air Act."

"We are maintaining our 2012 EPS estimate of $1.25. Our estimate is below the midpoint of the company's reaffirmed guidance of $1.20-$1.32. The company expects to earn at the mid-point of the range."

For an analyst ratings summary and ratings history on PNM Resources click here. For more ratings news on PNM Resources click here.

Shares of PNM Resources closed at $20.80 yesterday.

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