UPDATE: Jefferies Reiterates Buy Rating, Raises PT on PNM Resources

In a report published Wednesday, Jefferies & Company reiterated its Buy rating on PNM Resources PNM, and raised its price target from $21.00 to $23.00. Jefferies noted, “We are decreasing our 2Q12 EPS estimate by $0.05 to $0.25 and increasing our 3Q12 estimate by $0.05 to $0.65 based on fine tuning.” PNM Resources closed on Tuesday at $20.11.