Avangrid price target raised to $35 from $34 at BofA

BofA analyst Paul Zimbardo raised the firm’s price target on Avangrid (AGR) to $35 from $34 and keeps an Underperform rating on the shares. The company and PNM Resources (PNM) extended the merger agreement through December 31 from the July 20 expiration prior, signaling both parties remain committed despite the prolonged timeline, the analyst tells investors in a research note. The firm sees elevated merger uncertainty given the delayed timeline and outstanding legal and regulatory hurdles.