Jefferies Upgrades PNM Resources (PNM) to Buy

Jefferies upgraded PNM Resources (NYSE: PNM) from Hold to Buy with a price target of $24.00 (from $21.50).

The firm comments, "The compromise between New Mexico and the US EPA paves the way for the inclusion of Palo Verde Unit 3 in rate base. Under the settlement 419 MW of PNM owned San Juan coal capacity will be shut down. We believe that the 139 MW of PV3 capacity represents the least cost best option to replace San Juan with a potential $0.20 of earnings uplift for PNM."

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 $21.16 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Midday movers: Meta, IBM, Caterpillar fall; Chipotle rises
• Cboe Global Markets (CBOE) Realigns Digital Asset Business
• Unilever PLC (UL) Q1 Revenue Misses Estimates