IBDRY - PNM Resources PT upped at Mizuho on expectation for Avangrid deal by end of 2023

PNM Resources (NYSE:PNM) price target was upped at Mizuho on the expectation that its sale to Avangrid (NYSE:AGR) will be completed by December 2023.  PNM Resources PT was raised to $53 from $47 by Mizuho Securities analyst Paul Fremont. Mizuho is projecting a 5% dividend increase in December 2022. The comments come after the New Mexico Public Regulation Commission in December rejected in a 5-0 vote Avangrid's (AGR)  planned purchase of PNM Resources (PNM). In January, PNM and Avangrid appealed the decision to the New Mexico Supreme Court. Fremont expects that if the court fails to make a decision in a "timely manner" the companies will withdraw their appeal and file a new merger application late this year. In 2023 a new-governor appointed slate of regulator commissioners is expected to be put in place. "We expect the AGR-PNM merger to close in December 2023," Fremont wrote in a note. "We adjust the cash offer price

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PNM Resources PT upped at Mizuho on expectation for Avangrid deal by end of 2023