Friday, December 31, 2010

PNM Resources' (NYSE:PNM) Shares Expensive Says Jefferies (NYSE:JEF)

Based on the electric rate filing of PNM Resources (NYSE:PNM) in New Mexico, Jefferies (NYSE:JEF) says the share price of the company is expensive at this time.

Jefferies explained saying the earning exposure connected to the filing is behind their reasoning.

Concerning the negotiations with the NMPRC staff and the Attorney General, PNM believes they may be able to reach a settlement by January 20, 2011, as they've gone back to the table.

EPS estimates for the full year 2010 were raised from $0.90 to $0.95.

Jefferies maintains an "Overweight" rating on PNM Resources, which closed Thursday at $13.21, the same as the prior close.

No comments: