Jefferies Upgrades PNM Resources (PNM) to Buy
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Jefferies upgraded PNM Resources (NYSE: PNM) from Hold to Buy with a price target of $37.50 (from $35.00).
Analyst Anthony Crowdell commented, "We are upgrading PNM to Buy from Hold and believe a final rate case decision from state regulators later this month will be more balanced than what is priced into the stock. A very negative Hearing Examiner recommendation was issued back in August and we believe a final order will avoid this contentious recommendation. With 7-9% EPS growth trading at a 7% discount it may be time to come aboard."
Shares of PNM Resources closed at $33.01 yesterday.
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