UPDATE: Jefferies Cuts Target on Public Service Enterprise Group to $35

Jefferies maintains its Buy rating on Public Service Enterprise Group

and lowers its price by $2.50 to $35 on BGS auction prices realized below last year's level. Jefferies says, "The 2012 BGS auction price realized for the PSE&G zone was $83.88, which is 11% below the price realized in the 2011 BGS auction. The lower auction result coupled with the decline in forward commodity prices for gas and power results in a downward revision to our earnings estimates." PEG closed at $30.38 a share yesterday.