Mizuho upgraded TXNM Energy (TXNM) to Outperform from Neutral with an unchanged price target of $53. TXNM is expected to grow rate base 12% annually and earnings 7%-9% annually, among the fastest growth in the electric utilities sector, especially among small-cap peers, the analyst tells investors in a research note. The firm says the company has a history of growing earnings and it is facing improving New Mexico and Texas regulatory jurisdictions. The shares trade at a 10% discount to the group, and could re-rate to the group average, contends Mizuho.
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