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Evercore initiates coverage of PNM Resources with 'in line' rating

Evercore ISI on March 30 initiated coverage of PNM Resources Inc. with an "in line" rating and a price target of $36.

The brokerage's EPS estimates for PNM Resources are $1.81 for 2017, $1.93 for 2018 and $2.10 for 2019. "We believe that they can hit the low end of their 7-8% EPS growth aspiration through 2019 assuming a reasonable outcome in their ongoing [New Mexico] rate case and PNM continuing to earn at/near authorized ROE levels in Texas through 2019," analyst Greg Gordon wrote in a March 30 note to investors.