Wells Fargo has decided to maintain its Overweight rating of PNM Resources (NYSE:PNM) and raise its price target from $50.00 to $54.00.
Shares of PNM Resources are trading down 0.08% over the last 24 hours, at $47.81 per share.
A move to $54.00 would account for a 12.95% increase from the current share price.
About PNM Resources
PNM Resources Inc, or PNMR, is a holding company that owns regulated utilities companies providing electricity and electric services. PNMR segments its operations by its two subsidiaries, PNM and TNMP. PNM provides electric generation, transmission, and distribution services mainly to areas of New Mexico. While PNM uses a variety of fuel sources across its power plant portfolio, its coal and gas-fueled sites produce most of the energy. TNMP owns and operates transmission and distribution services primarily in small to medium-sized communities in Texas. Both subsidiaries generate revenue for PNMR through the sale of electricity and transmission service fees fairly evenly split between residential and commercial customers. PNM generates the vast majority of PNMR's total revenue.
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