Jefferies Downgrades American Electric Power (AEP) to Hold

September 20, 2016 6:37 AM EDT
Get Alerts AEP Hot Sheet
Price: $62.91 +0.33%

Rating Summary:
    9 Buy, 11 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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."

For an analyst ratings summary and ratings history on American Electric Power click here. For more ratings news on American Electric Power click here.

Shares of American Electric Power closed at $65.42 yesterday.

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