UPDATE: Jefferies Cuts Target on Entergy to $72

Jefferies reiterates its Hold rating on Entergy (NYSE: ETR) and lowers its target price by $3 to $72 a share on reduced estimates for the current year, which went down to $5.55 from $5.80.

Jefferies notes, "Entergy operating earnings of $0.94 were in line with the company's preliminary guidance of $0.93 and above the consensus estimate of $0.90. The company indicated that it expects to earn at the low end of its 2012 guidance range of $5.40-$6.20 because of low commodity prices and higher pension costs."

ETR closed at $70.43 a share on Tuesday.