UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Public Service Enterprise Group

In a report published Friday, Jefferies & Company reiterated its Hold rating on Public Service Enterprise Group

, but lowered its price target from $34.00 to $31.50. Jefferies noted, “PSEG 3Q12 operating EPS was $0.75, above consensus of $0.72. PSEG Power's results continue to decline reflecting weak commodity prices. Partly offsetting this decline is cost reduction. PSEG Power O&M through the first nine months of 2012 is down 3.7% to $780 million.” Public Service Enterprise Group closed on Thursday at $31.14.