Mizuho upgraded PNM Resources (PNM) to Buy from Neutral with an unchanged price target of $50.30. Following the New Mexico Supreme Court appeal hearings on September 15, the analyst believes the Avangrid (AGR), PNM merger case will be remanded back to the NM Public Regulation Commission in late December. The firm believes there is still motivation from the companies and most parties in the state “to get this merger across the finish line.” Mizuho thinks the original purchase price of $50.30 for PNM still stands.
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