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Williams Capital Group upgrades PNM Resources
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Williams Capital Group upgrades PNM Resources

has theopportunity to take advantage of the recent decline in utility stocks, WilliamsCapital Group LP analyst Christopher Ellinghaus wrote in an Oct. 4 investornote.

 Inupgrading PNM Resources to "buy" from "hold," Ellinghaussaid the company shares represent an attractive point even if it is not tradingat a deep discount compared to peer utilities. Williams Capital Group has a $35target price for PNM.

"Whilewe are still cautious regarding the New Mexico regulatory environment with anew base rate case looming for December, we believe that the current totalreturn profile of the stock and the likely significant dividend increase inDecember will compensate investors well for the regulatory risk,"Ellinghaus wrote.

WilliamsCapital Group estimates full-year EPS of $1.58 for 2016, $1.78 for 2017, and$1.98 for 2018 for PNM.