Jefferies Upgrades PNM Resources (PNM) to Buy

February 19, 2013 7:11 AM EST
Get Alerts PNM Hot Sheet
Price: $34.50 --0%

Rating Summary:
    9 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 5 | New: 0
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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.

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