UPDATE: Jefferies Reiterates Hold Rating, Raises PT on El Paso Electric Company on Lowered 2015 EPS Estimate

In a report published Thursday, Jefferies analyst Paul B. Fremont reiterated a Hold rating on El Paso Electric Company

, and slightly raised the price target from $34.00 to $34.50. In the report, Fremont noted, “Following an update of our forecast model we are lowering our 2015 EPS estimate by $0.55 due to higher operating and maintenance expenses and the loss of AFUDC earnings associated with Montana Units 1-2. We believe EE is trading at fair value on '15 numbers and recommend investors stay on the sidelines while The Street adjusts expectations.” El Paso Electric Company closed on Wednesday at $33.98.