Mizuho analyst Anthony Crowdell raised the firm’s price target on Avangrid (AGR) to $34 from $33 and keeps a Neutral rating on the shares after the company announced the termination of the merger transaction with PNM Resources (PNM). The analyst now expects Avangrid to focus on growing organically, with over $9B of investment opportunities. The firm raised the price target to account for current market multiples.
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Read More on AGR:
- M & A News: PNM Resources (NYSE:PNM) and Avangrid Merger is Off
- Avangrid issues statement on termination of PNM Resources merger
- PNM Resources announces termination of merger agreement with Avangrid
- Avangrid says FERC rules in favor in California energy crisis litigation
- Avangrid price target raised to $33 from $31 at Mizuho