Mizuho downgraded PNM Resources to Neutral from Buy with a price target of $41, down from $50.30, after Avangrid (AGR) announced the termination of the merger transaction. The analyst continues to see a standalone value for PNM at $41 per share, a 5% valuation discount to the electric utility group in the long-run. The firm believes PNM is exposed to challenging rate case outcomes over the next 18-24 months that will weigh on shares.
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Read More on PNM:
- 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
- PNM Resources Announces Avangrid Termination of Merger Agreement, Schedules Financial Update
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