UBS Upgrades PNM Resources (PNM) to Buy
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UBS analyst Daniel Ford upgraded PNM Resources (NYSE: PNM) from Neutral to Buy with a price target of $49.00 (from $59.00).
The analyst comments "We are raising our rating to Buy from Neutral, adjusting our earnings estimates to reflect assumptions around Covid-19 demand loss/shift, and adjusting our price target to reflect an updated group average P/E multiple. Our revised EPS expectations for '20- '22 are $2.16/$2.38/$2.50 vs prior of $2.24/$2.38/$2.44. Our revised '20 estimate is at the low end of current guidance ($2.16-$2.26) and assumes that some of the projected EPS lost from the Covid-19 related slowdown can be made up with cost savings. The methodology used in arriving at our revised price target of $49 uses a lower group average (19.3x vs. 24x) and higher premium (7% vs. 2%) multiple than prior."
Shares of PNM Resources closed at $38.00 yesterday.
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