Jefferies Cuts Price Target on American Electric Power (AEP) Following OCC Rate Case Decision
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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.
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