UPDATE: Goldman Sachs Raises PT on El Paso Electric to $37

Goldman Sachs is out with its report today on El Paso Electric EE, raising its PT from $36 to $37. In its report, Goldman Sachs writes, "After 2Q2011 reporting, where EE reported EPS of $0.78 versus GS/ consensus of $0.67/$0.63, we update estimates, raise our price target and reiterate our Buy rating. We revise 2011/2012/2013/2014 EPS projections from $2.25/$2.49/$2.73/$2.72 to $2.36/$2.50/$2.71/$2.72 to reflect modestly higher demand assumptions partially offset by higher O&M costs. We raise our 12-month price target from $36 to $37, implying 11% total return." Shares of EE closed Wednesday at $34.24.