Jefferies Downgrades American Electric Power (AEP) to Hold
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Jefferies downgraded American Electric Power (NYSE: AEP) from Buy to Hold with a price target of $67.00 (from $77.00) citing valuation.
Analyst Anthony Crowdell commented, "We are downgrading AEP to Hold from Buy on valuation. We are lowering our 2017-2019 EPS estimates, and our $4.20 estimate in 2019 assumes 6% growth at the utilities and guidance 'base case' earnings at the Transco. We do not think the Street is factoring in the loss of genco earnings in 2017-2019. Our price target assumes a group average multiple, and we currently finding the stock trading at a 2% discount."
Shares of American Electric Power closed at $65.42 yesterday.
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