El Paso's Estimates Raised

El Paso Electric Company EE reported 2Q earnings of $0.49 vs. Jefferies' estimate of $0.40, and EE saw improved earnings due to increased retail volume inspired by an improving economy and strong customer growth. Jefferies is increasing its 2010 EPS estimate to $1.85, up $0.10, and increasing the EPS estimate for 2011 $0.05 to $1.90. The "buy" rating is reiterated, while the price target has been raised from $24.50 to $26. El Paso Electric Company closed yesterday at $22.00.