UPDATE: Jefferies Raises PT to $35 on Public Service Enterprise Group; Q1 Beat

Jefferies raises its price target from $33 to $35 on Buy-rated Public Service Enterprise Group

following Q1 earnings that came in above expectations. Jefferies says, "1Q12 operating earnings of $0.85 were above consensus and included $0.11 of non-recurring tax benefits arising from a settlement with the IRS. Excluding the tax benefit, earnings were down due to lower volumes and margins at PSEG Power partly offset by improved results at the utility. The National Park Service will likely approve the company's proposed Susquehanna-Roseland transmission line later this year." PEG closed at $31.39 on Wednesday.