UPDATE: Goldman Sachs Downgrades American Electric Power (AEP) to Sell

Goldman Sachs analyst Michael Lapides downgraded American Electric Power (NASDAQ: AEP) from Neutral to Sell, PT 83.00

The analyst comments "We downgrade AEP from Neutral to Sell relative to our coverage, given (1) our 2020-2023 EPS estimates of $4.32/$4.63/$4.86/$5.21 are a few percent below consensus of $4.33/$4.66/$4.99/$5.29; (2) a financing overhang given our estimates for net equity issuances of just over $2bn in 2021/2022 to fund growth; (3) given below consensus estimates and a financing overhang, we see AEP as warranting a discount in the coming 6-12 months - and where historical test year rate making, in many of AEP’s states, warrants a discounted multiple."

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 $78.15 yesterday.

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