IBDSF - PNM Resources gains as New Mexico regulator's staff indicates intent to support Avangrid deal

PNM Resources (NYSE:PNM) rose 1.5% as the staff of the New Mexico Public Regulatory Commission and two intervenors indicated an intent to no longer oppose the Avangrid (NYSE:AGR) purchase based on revised concessions, according to Mizuho. NMPR staff and Avangid (AGR) yesterday made a filing where the staff said it would no longer be against the deal if AGR increased economic development to $25M over 10 years as well as some technical language changes related to the board makeup, Mizuho analyst Paul Fremont wrote in a note. A Hearing Examiner decision is expected from the regulator in late October or early November and the full commission is likely before the end of the year, according to Fremont. Fremont raised his Avangrid (AGR) price target to $53 from $51 and said he believes its in the best interest of Avangrid to (AGR) to complete the deal that was announced in October. Last week,

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PNM Resources gains as New Mexico regulator's staff indicates intent to support Avangrid deal