Jefferies Downgrades El Paso Electric Company (EE) to Hold; Revising Model

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Jefferies downgraded El Paso Electric Company (NYSE: EE) from Buy to Hold with a price target of $34.50.

Analyst, Paul B. Fremont, said, "We are downgrading El Paso Electric based on a $0.15 downward revision of our 2014 earnings estimate to $2.50. Our revised model
assumes lower rate base particularly in the 2014-2015 time period."

"We are increasing our 2Q12 and full year 2012 EPS estimates by $0.05 to $0.75 and $2.35, respectively. The primary driver for the increase is due to the robust load growth in El Paso’s service territory."

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 $34.05 yesterday, with a 52 week range of $29.17-$35.71.

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