UPDATE: Goldman Sachs Raises PT on El Paso Electric to $32 (EE)

Goldman Sachs is out with its report today on El Paso Electric EE, raising its PT from $30 to $32. In a note to clients, Goldman Sachs writes, "After hosting the El Paso Electric management team for investor meetings this week, we update our 2011-2014 EPS trajectory from $2.30/$2.40/$2.45/$2.60 to $2.30/$2.55/$2.60/$2.75 and raise our 12-month target price from $30 to $32 accordingly. Our higher estimates reflect: (1) slightly more positive demand growth longer-term given growth at Fort Bliss, EE's largest driver of demand and (2) slightly lower tax rates." Goldman Sachs reiterates Neutral on EE. Shares of EE closed Wednesday at $30.32.