Jefferies is out with its report today on Empire District Electric EDE, upgrading EDE from Hold to Buy.
In a note to clients, Jefferies writes, "We believe investors can purchase Empire at a 10% discount to the group average of regulated utilities. The stock has always traded at a premium given its best yield in the space but the recent dividend cut ($1.28 lowered to $1.00) still puts it 80 bps above the group average yield."
Jefferies raises its PT on EDE from $20 to $21.50.
Shares of EDE closed Tuesday at $19.57.
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