Jefferies is out with its report today on Empire District Electric (NYSE:

), 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.