Avangrid price target lowered to $34 from $37 at BofA

BofA analyst Julien Dumoulin-Smith lowered the firm’s price target on Avangrid (AGR) to $34 from $37 and keeps an Underperform rating on the shares, citing key near-term regulatory outcomes that are pending. The firm expects an "imminent update" on whether the New Mexico Supreme Court remands the PNM Resources (PNM) and Avangrid merger appeal back to the New Mexico Public Regulation Commission and notes that settlement discussions across New York State Electric and Gas and Central Maine Power remain ongoing with CMP settlement conferences in Maine scheduled for April 6 and that the Maine State Supreme Court hearing on New England Clean Energy Connect is scheduled for April 13.