UPDATE: Jefferies Color On Dominion Resources Target Increase (D)

Jefferies, which raised its PT on shares of Dominion Resources, Inc. D, is providing some color on the stock. “Dominion Resources 1Q11 operating EPS was $0.93 compared to $0.96 last year, our estimate of $0.90, and consensus of $0.91,” Jefferies writes. “The principal drivers of the quarter over quarter change were lower merchant generation margins, a return to normal weather, higher interest expense and the absence of E&P earnings. Dominion Resources closed Thursday at $46.33.