5.4%

10/29/2008

PEG of 1.8 and it pays a yield of 7.30%.

PNM Resources (PNM) downgraded to Hold from Buy at Jefferies. Believe shares are fairly valued based on cash flows and commodity price exposure. Expect lower contribution from First Choice retail supply subsidiary. Target lowered to $15.50 from $18.

9.2%

PNM Resources (PNM) was downgraded from Buy to Hold, Citigroup said. $16.50 price target. Cost pressures and a difficult rate environment will continue to weigh on earnings. Estimates also cut.

The current swing sectors are Utilities, Telecom, Energy, Metals/Mats, and Tech.

3.80%

PNM Resources (PNM) was upgraded to Buy rating from Hold at Jefferies. However, 2008 eps estimates dip to $1.85 from $2.15 while price target holds at $24.50.

From Barron's 8-6-07:

Underperform - Price 27.04 on August 3
by RBC Capital Markets
"Considering [this energy-holding company's] continuing saga of unplanned outages and disappointing [year-to-date] earnings, we are downgrading to Underperform from Sector Perform. PNM has vowed to improve operations and lower costs many times, but [has] not yet realized its goals...We are lowering our target to $24 from $34 and our CNAV to $30 from $39. PNM lowered 2007 EPS guidance to $1.30-$1.50 from $1.80-$2.00, indicative of its present situation. We echo PNM's sentiment and lower our 2007E EPS to $1.40 from $1.96."