Jefferies Downgrades PNM Resources (PNM) to Hold

January 23, 2015 6:49 AM EST
Get Alerts PNM Hot Sheet
Price: $49.20 +0.04%

Rating Summary:
    7 Buy, 12 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 12 | New: 41
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Jefferies downgraded PNM Resources (NYSE: PNM) from Buy to Hold with a price target of $32.50 (from $34.50).

Analyst Paul Fremont commented, "We are downgrading PNM to Hold from Buy due to concerns the company may acquire an interest in the San Juan power plant, which based on current forwards would negatively impact earnings by $0.02. While the stock currently trades at a 10% discount versus the small cap group average, we believe that it is fair value given the company needs to navigate two rate proceedings to get to its long-term earnings potential (2018)."

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 $30.77 yesterday.

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