UPDATE: Jefferies Raises PT on El Paso Electric Company to $30.50 (EE)

Jefferies is out with its report today on El Paso Electric Company EE, raising its price target from $30 to $30.50. In a note to clients, Jefferies writes, "Taking our 2012 EPS estimate of $2.30 in conjunction with a 13.2x P/E multiple, we arrive at a price target of $30.50 (up from $30). Based on yesterday's closing price of $27.53, our current price target represents a 12-month price appreciation and total return potential of 10.8%." Jefferies maintains Hold on EE. Shares of EE closed Tuesday at $27.53, down 0.51% from Friday's close.