PNM Resources upgraded to Buy from Hold at Jefferies

• PNM Resources (PNM +2%) is upgraded to Buy from Hold with a $37.50 price target, raised from $35, at Jefferies, which believes a final rate case decision from New Mexico regulators later this month will be more balanced than what is priced into the stock.
• A negative hearing examiner recommendation was issued in August, and the firm believes a final order will prove more favorable.
• Jefferies also downgrades American Electric Power (AEP -0.2%) to Hold from Buy.