Barclays Maintains an 'Equalweight' on PNM Resources (PNM); 2012 Guidance Issued Below Expectations

Barclays maintains an 'Equalweight' on PNM Resources (NYSE: PNM) price target of $18.00.

Barclays analyst says, "We are lowering our earnings expectations to be more in line with management's updated guidance for 2012 of $1.20-$1.32. We have updated our EPS estimates from $1.33/$1.47E to $1.29/$1.39E for '12/13E respectively. We are maintaining our price target at $18 premised upon the current utility multiple of 13.5x our updated 2013E EPS of $1.39E at a regulatory jurisdiction discount of 5%."

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 $17.94 yesterday.

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