Mixed Opportunities and Risks Lead to Hold Rating for TXNM EnergyWe have renewed our investment views on TXNM after a period of Neutral rating and $61.25TP (deal price), as the fundamentals remain solid with Permian transmission investments solidified, potential EPS uplift in TX through UTM in line of sight, and potential new gas generation buildout in NM unlocked by ET’s new pipeline. We think the acquisition of TXNM will get regulatory approval to close. Solidified — Latest ERCOT filing shows TXNM is responsible for 10.5 out of 84 transmission projects in the Permian Basin Reliability Plan. Although exact cost estimates for TXNM’s share haven’t been publicly disclosed, TXNM pointed to $750M capex included in plan ($355M through ’29).