UPDATE: Jefferies Reiterates On PNM Resources On Proposed Acquisition

In a report published Thursday, Jefferies analyst Paul B. Fremont reiterated a Buy rating on PNM Resources PNM, and raised the price target from $30.50 to $33.00. In the report, Jefferies noted, “PNM's proposed acquisition of an additional 54 MW of San Juan coal capacity should not materially alter the outcome of its BART regulatory proceeding. The revised ownership structure is an essential element in preserving the States regional haze agreement with the EPA. While additional coal ownership may be unpopular with some of the intervener parties, no one will want to jeopardize the Governor's deal with the EPA.” PNM Resources closed on Wednesday at $28.97.