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

Article Stock Quotes (1) Comments (0)

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, with a 52 week range of $16.99-$22.54.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• UPDATE: Wedbush Downgrades XenoPort (XNPT) to Neutral
• Brean Capital Raises Onyx (ONXX) Price Target to $115
• UPDATE: Vanda Pharmaceuticals (VNDA) Opens Higher; Lazard Raises PT to $17

Create E-mail Alert Related Categories

Analyst PT Change, Downgrades

Related Entities

Jefferies & Co

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?