UPDATE: Jefferies Lowers PT on El Paso Electric to $27

Jefferies is out with its report today on El Pase Electric (NYSE: EE), lowering its PT from $29 to $27.

In its report, Jefferies writes, "Taking our 2013 EPS estimate of $2.45 in conjunction with an 11.0x P/E multiple, a 12% discount to the utility group average due to the regulatory uncertainty with the recent Show Cause order, we arrive at a price target of $29.00."

Jefferies maintains Underperform on EE.

Shares of EE closed Tuesday at $31.34.