UPDATE: Jefferies Raises PT on PNM Resources to $18.50

Jefferies is out with its report today on PNM Resources (NYSE: PNM), raising its PT from $17 to $18.50.In its report, Jefferies writes, "Taking our 2013 estimate of $1.35 together with a 13.7x P/E, an 8% premium to the 2013 regulated utility average multiple, results in a price target of $18.50 (from $17). Based on Friday's closing price for PNM of $16.02, this represents 12-month price appreciation and total return potential of 15.5% and 18.6% including the company's current yield of 3.1%."Jefferies maintains Buy on PNM.At the time of posting, shares of PNM were trading at $16.40, up 2.37% from Friday's close.