J.P. Morgan Increases PT and Reiterates Overweight Rating on PNM Resources

According to a recent report from J.P. Morgan, after last week's meetings with PNM Resources PNM management team, J.P. Morgan has increased the price target on the company from $17.00 to $18.00 and has reiterated the Overweight rating. In the report, J.P. Morgan said, "Although continued progress to closing the existing under-earning gap hinges critically on fair regulatory treatment in NM and adoption of the pending rate case stipulation without major modifications, we believe that PNM is well on the path of improving its relationship with regulators." PNM closed yesterday at $15.79.