American Electric Power (AEP) PT Raised to $106 at Mizuho

Mizuho analyst Anthony Crowdell raised the price target on American Electric Power (NASDAQ: AEP) to $106.00 (from $93.00) while maintaining a Neutral rating.

The analyst commented: "We are updating our AEP forecast model for the latest 4Q disclosures and continue to focus on the company's regulatory execution. Over the past year AEP has brought in a new CEO and CFO, both with extensive utility experience. We believe the new management team will have to deliver consistent regulatory outcomes to have the stock rerate to a premium P/E multiple. Although the company cleared up several rate cases in 2024, investors will get a look at AEP's new regulatory strategy in West Virginia where they are asking for a $188M rate increase. AEP stock is currently trading at a group average P/E multiple, and we find it fair value. We update our PT to $106 (prev. $93) based on current market multiples."

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