Jefferies Upgrades El Paso Electric Company (EE) to Hold

Jefferies upgraded El Paso Electric Company (NYSE: EE) from Underperform to Hold with a price target of $44.00 (from $36.50).

Analyst Anthony Crowdell commented, "We are upgrading EE to Hold from Underperform and believe the stock is fairly valued trading at a 5% discount to the group average P/E multiple given the two pending rate cases in both Texas and New Mexico. While the Texas rate proceeding seems near an end, the NM case will be delayed another month. The NM case is ongoing and a settlement in principle has been reached in Texas. A final settlement is expected to be filed in the next week or two."

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 $43.98 yesterday.

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