Jefferies increased their price target on El Paso Electric (NYSE:EE) while raising their earnings per share estimate for 2010-2011, citing rate increases.
The company said, "We view El Paso Electric as a low-risk electric utility with above average earnings growth. The expected improvement in earnings will be driven by rate increases in both jurisdictions during 2010-2011."
Earnings per share estimates for the third quarter were increased from $0.15 to $0.90 and 2010 EPS from $0.05 to $1.90.
The price target on El Paso Electric was raised from $26 to $29.
El Paso closed Friday at $24.66, gaining $0.08, or 0.33 percent.
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