UPDATE: Ladenburg Thalmann Lowers Price Target On El Paso Electric To $33

According to Ladenburg Thalmann, El Paso Electric EE price target is lowered to $33. Ladenburg Thalmann said that it reiterates its NEUTRAL rating on EE shares. “Our revised price target of $33 per share (previously $34 per share) equates to a target P/E of 13.5x/12.8x our 2012/2013 EPS estimates of $2.45/$2.58. We estimate 2011 EPS of $2.39. The primary driver of our decreased price target is emergence of regulatory risk. Our target/estimates are pending further revision/review as the City of El Paso Council conducts its EE rate review. We preliminary estimate $0.10-$0.15 EPS downside risk to our 2012/2013 estimated earnings outlook.” El Paso Electric closed yesterday at $33.32.