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

Related PNM
Benzinga's Top Upgrades, Downgrades For August 18, 2017
Earnings Scheduled For July 28, 2017

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

Aug 2017Ladenburg ThalmannDowngradesBuyNeutral
Aug 2017RBC CapitalDowngradesOutperformSector Perform
Apr 2017MizuhoInitiates Coverage OnUnderperform

View More Analyst Ratings for PNM
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Downgrades Intraday Update Analyst Ratings


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