Analysts Just Upgraded These 5 Stocks

3. PNM Resources, Inc. (NYSE:PNM)

Number of Hedge Fund Holders: 37

Shares of PNM Resources, Inc. (NYSE:PNM) closed higher on Wednesday, June 22, 2022, after Mizuho upgraded the Albuquerque-based energy company from “Neutral” to “Buy.” The research firm thinks that Avangrid, Inc. (AGR) will be successful in acquiring PNM Resources, Inc. (NYSE:PNM) for $50.30 per share.

Mizuho analyst Paul Fremont expects an annualized return of 18 percent for investors if the deal is finalized.

Last year in October, PNM Resources, Inc. (NYSE:PNM) entered into a merger deal with Avangrid. However, the New Mexico Public Regulation Commission blocked the deal in December, citing certain risks. Subsequently, Avangrid filed an appeal against the regulatory refusal earlier this year.