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TXNM Energy upgraded to Outperform from Neutral at Mizuho

TXNM Energy upgraded to Outperform from Neutral at Mizuho

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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