UPDATE: Jefferies Reiterates Buy Rating, Raises PT on UNS Energy Corp. on 4Q12 Earnings

In a report published Wednesday, Jefferies reiterated its Buy rating on UNS Energy Corp.

, and raised its price target from $50.00 to $52.00. Jefferies noted, “UNS Energy 4Q12 earnings were $0.18, above consensus of $0.16. The company indicated that capital spending will decline $230 million over the next three years due to lower environmental spending at San Juan. Partly offsetting this will be spending on replacement generation. UNS Energy also increased its dividend 1.2% to $1.74.” UNS Energy Corp. closed on Tuesday at $46.54.