UPDATE: Ladenburg Thalmann Raises PT on PNM Resources to $17.50

Ladenburg Thalmann is out with its report today on PNM Resources

, raising its PT from $15.75 to $17.50. In its report, Ladenburg Thalmann writes, "We reiterate our NEUTRAL rating on PNM shares. Our revised price target of $17.50 (previously $15.75 p/s) is based on 13.5x/12.3x our 2012/2013 EPS estimates of $1.30/$1.42 (previously $1.22/$1.30). We estimate 2011 EPS of $0.99 (previously $0.85)." At the time of posting, shares of PNM were trading at $16.46, up 2.75% from Friday's close.