UPDATE: Jefferies Raises PT on El Paso Electric Following Reduced Guidance

In a report published Thursday, Jefferies analyst Paul B. Fremont reiterated a Buy rating on El Paso Electric EE, and raised the price target from $42.50 to $43.00.

In the report, Jefferies noted, “El Paso reduced the high end of its guidance range by $0.10 to $2.10-$2.50 to reflect mild weather so far this year and a lower expected contribution from AFUDC. The company indicated that it would spend roughly $20 million less due to a delay in construction of two new distribution centers on the East and West side of El Paso.”

El Paso Electric closed on Wednesday at $37.96.