UPDATE; Jefferies Raises PT on El Paso Electric Company to $34 (EE)

Jefferies is out with its report today on El Paso Electric Company EE, raising its PT from $33 to $34. In a note to clients, Jefferies writes, "Taking our 2013 EPS estimate of $2.65 in conjunction with a 12.9 P/E multiple, we arrive at a price target of $34.00 (up from $33.00). Based on Friday's closing price of $30.34, our current price target represents a 12-month price appreciation and total return potential of 12.0% and 15.0%, respectively. The company instituted an $0.88 annual dividend, which equates to a 3.0% yield." Jefferies maintains Buy on EE. Shares of EE closed Friday at $30.34, up 2.33% from Thursday's close.