Jefferies Ups PT On SRE To $60.50

Jefferies has raised its price target on Sempra Energy SRE from $59.50 to $60.50 following increased estimates in EPS. Says Jefferies, in the report, “Our 2011 and 2012 estimate revisions reflect updates to our forecast model primarily for renewables projects at Sempra Generation and higher projected earnings at San Diego Gas & Electric and the Pipelines & Storage segment, partially offset by lower earnings on the merchant gas generation portfolio. Our 2011 estimate is within the company's guidance of $4.00-4.30 per share. We are initiating 2011 quarterly EPS estimates as follows: 1Q - $0.99; 2Q - $0.99; 3Q - $1.12 and 4Q - $1.09.” Jefferies maintains its Buy rating on the stock. SRE closed at $54.36 yesterday.