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Upgrade Alert for PNM Resources (PNM)

By David Diaz

PNM Resources (NYSE:PNM) was upgraded from Hold to Buy at Jefferies today. The stock closed yesterday at $33.50 on volume of 714,000 shares, above average daily volume of 520,000.

Over the past year, PNM Resources has traded in a range of $24.42 to $36.15 and closed yesterday at $33.50, 37% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.5%.

PNM Resources (NYSE:PNM) defies analysts with a current price ($33.50) 7.0% above its average consensus price target of $31.14. PNM Resources shares have support at the 50-day moving average (MA) of $32.65 and additional support at the 200-day MA of $29.51.

NM Resources is an energy holding company based in Albuquerque, N.M., with 2010 consolidated operating revenues of $1.7 billion. Through its utility subsidiaries, PNM Resources has approximately 2,530 megawatts of generation capacity and serves electricity to more than 700,000 homes and businesses in New Mexico and Texas.

SmarTrend is tracking the current trend status for PNM Resources and will alert subscribers who have PNM in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades pnm resources

Ticker(s): PNM