UPDATE: Jefferies Downgrades El Paso Electric to Hold

Jefferies is out with its report today on El Paso Electric EE, downgrading EE from Buy to Hold. In a note to clients, Jefferies writes, "We are downgrading El Paso Electric to Hold from Buy due to lower assumed earnings in 2013. We are maintaining our 2012 EPS estimate of $2.40 and lowering our 2013 EPS estimate by $0.10 to $2.55. Our revised 2013 EPS estimate of $2.55 assumes a share count of 40 million shares." Jefferies lowers its PT from $37.50 to $33.50. At the time of posting, shares of EE were trading pre-market at $32.18, down 2.98% from Tuesday's close.