Jefferies Maintains a 'Buy' on PNM Resources (PNM); Adjusting Estimates

Jefferies maintains a 'Buy' on PNM Resources (NYSE: PNM) price target of $23.00 (from $21.00).

Analyst, Paul B. Fremont, said, "We are decreasing our 2Q12 EPS estimate by $0.05 to $0.25 and increasing our 3Q12 estimate by $0.05 to $0.65 based on fine tuning. We are adjusting our 2012 quarter estimate as follows: decrease 2Q by $0.05 to $0.25 and increase 3Q by $0.05 to $0.65 based on fine tuning. We are maintaining our 2012 EPS estimate of $1.25."

Jefferies believes that PNM shares are attractive using P/E valuation...group average
multiple is warranted since the company will likely earn at higher levels following future rate decisions.

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 $20.11 yesterday.

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