UPDATE: Wellington Shields Upgrades El Paso Electric Company to Buy, Raises PT on 4Q12 Results

In a report published Wednesday, Wellington Shields upgraded its rating on El Paso Electric Company

to Buy, and raised its price target to $35.75. Wellington Shields noted, “Yesterday morning, management presented the El Paso Electric story to investors at the Grand Hyatt in New York City, which included 4Q & 2012 results. Making the presentation were CEO Tom Shockley, CFO David Carpenter, and VP/Treasurer Steve Busser. Joining them was Dr. Robert W. Gilmer of the University of Houston who specializes in the economies of Texas border cities, including El Paso.” El Paso Electric Company closed on Tuesday at $33.48.