UPDATE: Jefferies Lowers PT on Edison International on 4Q12 Core EPS

In a report published Wednesday, Jefferies reiterated its Underperform rating on Edison International

, but slightly lowered its price target from $40.50 to $40.00. Jefferies noted, “EIX 4Q12 core EPS (excluding EMG results) was $1.79 versus $0.79 last year, Consensus of $1.04 and our estimate of $1.05. The earnings improvement was driven by the true-up of its 2012 GRC which accounted for $0.82 of the improvement. The company also provided 2013 guidance of $3.45-$3.65 with Consensus at $3.27. Included in 2013 guidance is $0.31 of "positive variances" such as O&M savings and tax deductions.” Edison International closed on Tuesday at $46.12.