UPDATE: Jefferies Downgrades PNM Resources to Hold on Dininishing Rate-Base Opportunity
Jefferies reduced its rating on PNM Resources (NYSE: PNM) from Buy to Hold and lowered its price target from $25 to $21.50.
Jefferies commented, "We are downgrading PNM Resources to Hold based on the diminishing opportunity to rate base Palo Verde Unit 3 as part of settlement involving the shut down of two units of the San Juan coal plant. A settlement between EPA and the State of New Mexico became less likely following the expiration of a 45 day administrative stay on the implementation of the EPA's regional haze federal implementation plan."
PNM Resources closed at $21.20 on Monday.
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