Jefferies Maintains a 'Hold' on American Electric Power (AEP); Strong Quarter With Continued Shopping

Jefferies maintains a 'Hold' on American Electric Power (NYSE: AEP), price target lowered from $39.50 to $39.

Jefferies analyst says, "AEP reported 2Q11 operating earnings of $0.73, versus our estimate of $0.70, above First Call consensus of $0.76, and versus $0.74 in 2Q10. The company provided an update on customer switching and stated that the level of switching to date is running ahead of pace assumed in 2011 guidance and they expect it to continue....The PUCO Staff recommendation in AEP-Ohio’s ESP Plan has been delayed until August 4....Shopping continues at a brisk pace in Columbus. The company provided an update on customer switching and stated that the level of switching to date is running ahead of pace assumed in 2011 guidance and they expect it to continue. So far, 15.4% of commercial customers have switched, which represents about 7% of total AEP-Ohio load."

For more ratings news on American Electric Power click here and for the rating history of American Electric Power click here.

Shares of American Electric Power closed at $36.86 yesterday.

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