KeyBanc Downgrades PNM Resources (PNM) to Sector Weight

KeyBanc downgraded PNM Resources (NYSE: PNM) from Overweight to Sector Weight. Analyst Paul T. Ridzon pointed to regulatory uncertainty.

"We are downgrading shares of PNM to Sector Weight from Overweight due to the timing of new rates and the commission's decision to require PNM to refile its case, rather than resubmit the existing filing with deficiencies corrected sets a bad tone, in our view. Other uncertainties around approval of a coal supply contract, asset transfer and hearing examiner's claim of what constitutes a forward test year remain a concern," said Ridzon.

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 $26.47 yesterday.

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