Mizuho analyst Anthony Crowdell downgraded PNM Resources to Neutral from Buy with a price target of $50.30, down from $51. The analyst cites valuation for the downgrade. PNM shares have rallied since early November and now offer only 2.4% upside to the takeout price of $50.30 and a 3.9% total return including dividends, Crowdell tells investors in a research note. He continues to believe the transaction will close by May 1.
Published first on TheFly
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