UPDATE: Jefferies Raises PT on Public Service Enterprise Group on Increased 1Q13 Quarter Earnings Estimate

In a report published Wednesday, Jefferies analyst Paul B. Fremont reiterated a Hold rating on Public Service Enterprise Group

, and raised the price target from $32.00 to $35.00. In the report, Fremont noted, “We are increasing our 1Q13 quarter earnings estimate $0.05 to $0.80 and reducing our 3Q13 estimate $0.05 to $0.70. Our revised 1Q13 estimate is $0.05 below last year reflecting the absence of tax benefits which contributed $0.08 to last year's result. Partly offsetting the absence of this contribution is colder winter weather and improved results at the electric utility.” Public Service Enterprise Group closed on Tuesday at $34.56.