Evercore ISI resumed coverage of PNM Resources with an In Line rating and $38 price target. The firm thinks a 10% discount multiple applied to its 2026 EPS estimate of $3.00 is “warranted” given PNM’s below-average balance sheet and some financing risks, along with New Mexico jurisdictional risk and some wildfire concerns along with “mediocre” data center opportunities, though it sees these risks partially offset by upside in a “constructive” Texas jurisdiction.
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