Mizuho analyst Paul Fremont upgraded PNM Resources to Neutral and raised his price target for the shares to $43.50 from $42.50. The analyst upgraded the shares to reflect his expectation that the New Mexico State Legislature adopts the Energy Transition Act next week, which includes securitization of San Juan Coal Plant costs. The law could provide significant upside to the company's $450M of incremental spending opportunities relative to its base forecast, Fremont tells investors in a research note. He notes that the Energy Transition Act passed the Senate yesterday by a vote of 32-9 and will likely be voted on by the House next week.