NEW YORK (TheStreet) -- RATINGS CHANGES
was upgraded at Wells Fargo to outperform from market perform. Spinoff strategy can drive the stock to more than $80, Wells Fargo said.
Magna (MGA) - Get Report upgraded at Deutsche Bank to buy from hold. Twelve-month price target is $75. Company can exceed consensus growth expectations and deserves a higher multiple, Deutsche Bank said.
PNM Resources (PNM) - Get Report was upgraded at Jefferies to buy from hold. Twelve-month price target is $30.50. After visiting New Mexico, analysts are upgrading PNM and anticipate the NMPRC will approve the BART agreement in the June/July time frame. Jefferies says the economic consequences of shutting down a coal plant in a struggling economy will outweigh environmental concerns and expect PNM will be able to deliver on its 7% to 9% EPS growth. With the stock off 15% since January, Jefferies says investors can get PNM at a 10% discount.
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This article was written by a staff member of TheStreet.