Jefferies Downgrades El Paso Electric Company (EE) to Hold

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."

For an analyst ratings summary and ratings history on El Paso Electric Company click here. For more ratings news on El Paso Electric Company click here.

Shares of El Paso Electric Company closed at $45.00 yesterday.

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