PNM CEO to Retire in March 2010 - PNM Resources (NYSE:PNM)

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Analyst Daniel Ford of Barclays Capital maintains his “equal weight” rating on PNM Resources (NYSE: PNM). The target price for PNM has been raised from $11.50 to $12.00.PNM Resources’ CEO Jeff Sterba is scheduled to retire on March 1, 2010. Sterba will continue as the Chairman of the Board. PNM’s current President and COO Pat Vincent-Collawn would replace Sterba.PNM Resources achieved significant operational improvements under Collawn’s tenure, the analyst says. The company’s relationships with political leaderships and regulatory commissions also improved. The target price revision is based on multiples expansion, Barclays Capital adds.

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