Jefferies Downgrades PNM Resources (PNM) to Hold

Jefferies downgraded PNM Resources (NYSE: PNM) from Buy to Hold with a price target of $34.50 (from $36.50).

Analyst Anthony Crowdell commented, "We are downgrading PNM to Hold from Buy and believe the stock is pricing in a near-perfect outcome in the utility's recently filed New Mexico electric rate case. Given the historic contentious nature of NM rate cases and the stock trading at a group average P/E multiple we see limited upside from here."

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 $34.40 yesterday.

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