Jefferies Downgrades El Paso Electric Company (EE) to Hold
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Jefferies downgraded El Paso Electric Company (NYSE: EE) from Buy to Hold with a price target of $46.50 (from $50.00).
Analyst Anthony Crowdell commented, "We are downgrading EE to Hold from Buy based on valuation. The stock is currently trading at a 4% premium to our small cap group average P/E multiple which we think is fair value. While management has provided clarity on its plans for dividend growth we believe it is priced into the stock and caution investors on a 1Q17 Texas rate filing and 2Q17 New Mexico rate filing."
Shares of El Paso Electric Company closed at $45.00 yesterday.
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