Jefferies Downgrades PNM Resources (PNM) to Hold
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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)."
Shares of PNM Resources closed at $30.77 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesJefferies & Co, Earnings, Definitive Agreement
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