Jefferies Has Underperform Rating On PNM Resources (PNM)
Jefferies & Co. is out with a research report this morning on shares of PNM Resources (NYSE: PNM). It has an Underperform rating on shares, and is lowering its price target to $9.50 from $10.
In a note to clients, Jefferies writes, "Jefferies believes that PNM is expensive based on potential earnings exposure associated with the company's electric rate filing in New Mexico."
Jefferies goes on to say, "We are maintaining our 2010 earnings estimate of $0.70 per share. Our estimate is at the mid-point end of the company's revised guidance of between $0.65-$0.75. We are maintaining our 2011 estimate of $0.40. Our 2011 estimate is consistent with the ALJ revised date for the implementation of new rates on June 5, 2011. We are maintaining our 2012 EPS estimate of $0.80."
Shares of PNM gained 8 cents to close at $11.44 yesterday.
