UBS Upgrades PNM Resources (PNM) to Buy

April 1, 2020 7:05 AM EDT
Get Alerts PNM Hot Sheet
Price: $49.50 --0%

Rating Summary:
    7 Buy, 12 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 9 | Down: 10 | New: 35
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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."

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 $38.00 yesterday.



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