UPDATE: Jefferies Raises PT on PNM Resources to $17

Jefferies is out with its report today on PNM Resources

, raising its PT from $16 to $17. In its report, Jefferies writes, "We believe that PNM's shares are attractive based on our sum of the parts valuation trading at a discount valuation to its peers following a disappointing rate decision. Jefferies assumes that the New Mexico utility will earn 8.0%-8.5% return on equity or significantly below its authorized level of 10%. A group average multiple is warranted since the company will likely earn at higher levels following future rate decisions." Jefferies maintains Buy on PNM. At the time of posting, shares of PNM were trading at $14.89, up 0.07% from Tuesday's close.