Jefferies Cuts Price Target on American Electric Power (AEP) Following OCC Rate Case Decision
- Wall Street turns defensive on Trump's protectionist stance
- Aetna's (AET) Humana (HUM) Takeover Blocked by Judge as Anticompetative
- Trump signs order withdrawing U.S. from Trans-Pacific trade deal
- Qualcomm (QCOM) Thrashed as Apple (AAPL) Lawsuit Threatens Licensing Business Model
- McDonald's (MCD) Tops Q4 EPS by 3c
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Jefferies maintained a Hold rating on American Electric Power (NYSE: AEP), and cut the price target to $62.00 (from $66.50), following a final decision in the company's subsidiary Public Service Co. of Oklahoma's (PSO) rate case. The OCC authorized a $14MM rate increase, vs. the requested increase of $137MM. The OCC also ruled to keep the AMI rider. The OCC rejected the ALJ's recommendation to put a firm date on the end of the rider, and ruled that the rider would be in place until the AMI implementation is complete.
Analyst Anthony Crowdell commented, "The Oklahoma Corporation Commission (OCC) finally issued a final decision in AEP subsidiary Public Service Co. of Oklahoma's (PSO) rate case. The OCC authorized a $14 million rate increase, 9.5% ROE, and 44% equity ratio. We think PSO is likely to refile soon and is likely to receive a higher equity ratio, and recover some costs that were excluded from base rates in this rate case."
Shares of American Electric Power closed at $59.99 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Procter & Gamble (PG) PT Raised to $96 at UBS Following 2Q Report
- CytoSorbents (CTSO) PT Raised to $10 at Maxim Group
- Teradyne (TER) PT Raised to $28 at Deutsche Bank; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!