Mizuho Securities Maintains Their Sell Rating on Pnm Resources Inc (PNM)


In a report released today, Paul Fremont from Mizuho Securities maintained a Sell rating on Pnm Resources Inc (PNM), with a price target of $42.50. The company’s shares opened today at $43.83, close to its 52-week high of $45.35.

Fremont said:

“We remain underperform-rated on PNM due to valuation fundamentals and concern about potential exposure if they are unable to securitize San Juan investment. We have previously identified $0.08 of EPS exposure, which represents the additional financing cost if San Juan is written off versus securitized. We maintain our $42.50 PT.”

According to TipRanks.com, Fremont is a 4-star analyst with an average return of 5.6% and a 69.9% success rate. Fremont covers the Utilities sector, focusing on stocks such as Public Service Enterprise, American Electric Power, and NextEra Energy Inc.

Pnm Resources Inc has an analyst consensus of Hold, with a price target consensus of $44.38.

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Based on Pnm Resources Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $54.95 million. In comparison, last year the company had a GAAP net loss of $54.15 million.

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PNM Resources, Inc. is a holding company, which engages in the provision of electricity and energy efficiency products and services in New Mexico and Texas. It operates through the following segments: Public Service Company of New Mexico (PNM), Texas-New Mexico Power Company (TNMP), and Corporate and Other.

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