Jefferies Raises Price Target on Sempra Energy (SRE), Believes Shares are Undervalued

Jefferies is maintaining its Buy rating on shares of Sempra Energy (NYSE: SRE) while raising its price target from $58 to $59.

The company reported solid Q3 results with EPS of $1.22 topping the firm's and Street's estimates of $1.12 and $1.20. Operating earnings rose $0.06 Y/Y to $0.80 per share as Sempra Generation earnings fell $0.04 per share Y/Y.

Management reiterated its 2011 earnings guidance of $4.00-$4.30 and the firm is also reaffirming its 2011 EPS estimate of $4.23. Jefferies is reducing its 2012 and 2013 estimates by $0.05 to $4.40 and $4.80.

An analyst at Jefferies comments, "We find Sempra Energy to be undervalued based on sum-of-the-parts valuation."

For more ratings news on Sempra Energy click here and for the rating history of Sempra Energy click here.

Shares of Sempra Energy closed at $53.58 yesterday.

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