Market Overview

UPDATE: Jefferies Downgrades PNM Resources to Hold on Dininishing Rate-Base Opportunity

Related PNM
Gabelli & Co: Here's How To Play Energy And Materials In 2016
PNM Resources Raises Annual Dividend to $0.88
Top Funds Heart Edwards Lifesciences, Bump Lilly (Investor's Business Daily)

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.

Latest Ratings for PNM

Jan 2016BarclaysMaintainsOverweight
Dec 2015JefferiesMaintainsBuy
Nov 2015BarclaysUpgradesEqual-weightOverweight

View More Analyst Ratings for PNM
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Downgrades Intraday Update Analyst Ratings


Related Articles (PNM)

View Comments and Join the Discussion!

Get Benzinga's Newsletters