UPDATE: Jefferies Upgrades El Paso Electric; Raises PT

According to a research report published earlier today, Jefferies has upgraded El Paso Electric EP from Hold to Buy, and increased PT from $35 to $35.50. In the report, Jefferies commented, “We are upgrading El Paso Electric to Buy from Hold due to our expectation that the company will reach a regulatory settlement in the next several weeks. The company filed a motion with the Public Utility Commission of Texas to suspend the procedural schedule to facilitate settlement discussions with [intervener] parties.” El Paso Electric closed Friday at $31.48.