UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on El Paso Electric Company

In a report published Friday, Jefferies & Company reiterated its Hold rating on El Paso Electric Company

, and slightly raised its price target from $35.50 to $36.00. Jefferies noted, “El Paso reported 3Q12 earnings of $1.29 versus our estimate of $1.25, First Call Consensus of $1.28, and versus $1.41 during the same period last year. The quarter was negatively impacted by a return to more normal summer weather and a May 2012 rate settlement that lowered retail rates.” El Paso Electric Company closed on Thursday at $33.99.