UPDATE: J.P. Morgan Lowers PT on PNM Resources to $16

J.P. Morgan is out with its report today on PNM Resources PNM, lowering its PT to $16 from $19. In its report, J.P. Morgan writes, "We are establishing a December 2012 price target of $16 per share, which compares with our Dec. 2011 PT of $19 as a result of the decline in market multiples, as well as the modest decrease in our 2012E EPS." J.P. Morgan maintains Overweight on PNM. At the time of posting, shares of PNM were trading at $13.03, down 1.36% from Monday's close.