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 $16 (up from $15.50).

The firm states, "With one Commissioner possibly headed to prison and another termed out in 2012, the prospects for more reasonable rate treatment are improving for PNM in future rate filings. We are upgrading PNM to Buy from Hold to reflect potential earnings upside from future rate case filings and/or planned cost reduction."

For more ratings news on PNM Resources click here and for the rating history of PNM Resources click here.

Shares of PNM Resources closed at $14.09 yesterday, with a 52 week range of $11.01-$17.14.

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