Jefferies Upgrades PNM Resources (PNM) to Buy

Jefferies upgraded PNM Resources (NYSE: PNM) from Hold to Buy with a price target of $30.50 (from $29.00).

Analyst Anthony Crowdell commented, "After visiting New Mexico we are upgrading PNM to Buy from Hold and anticipate the NMPRC will approve the BART agreement in the June/July timeframe. Jefferies believes the economic consequences of shutting down a coal plant in a struggling economy will outweigh environmental concerns and expect PNM will be able to deliver on its 7-9% EPS growth. With the stock off 15% since January we believe investors can get PNM at a 10% discount."

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 $26.49 yesterday.

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