Jefferies Downgrades PNM Resources (PNM) to Hold on Diminishing Opportunity to Rate Base PV3

December 4, 2012 6:45 AM EST
Get Alerts PNM Hot Sheet
Price: $34.50 +0.73%

Rating Summary:
    9 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 10
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Jefferies downgraded PNM Resources (NYSE: PNM) from Buy to Hold with a price target of $21.50 (from $25.00).

The firm comments, "We are downgrading PNM Resources to Hold based on the diminishing opportunity to rate base Palo Verde Unit 3 as part of settlement involving the shut down of two units of the San Juan coal plant. A settlement between EPA and the State of New Mexico became less likely following the expiration of a 45 day administrative stay on the implementation of the EPA's regional haze federal implementation plan."

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 $21.20 yesterday.

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