As previously reported, Wells Fargo upgraded PNM Resources (PNM) to Overweight from Equal Weight with a price target of $44, up from $41. The firm notes that Avangrid (AGR) surprisingly terminated PNM deal before imminent SC decision. PNM share price pullback creates attractive entry point in a quality, small cap utility with credible 5%-plus EPS CAGR, Wells argues.
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