BofA/Merrill Lynch Downgrades AES Corp. (AES) to Underperform

BofA/Merrill Lynch downgraded AES Corp. (NYSE: AES) from Neutral to Underperform with a price target of $12.50 (from $12.00).

Analyst Julien Dumoulin-Smith says the recent equity outperformance is unwarranted and believes the valuation is getting ahead of the execution story. The analyst believes the market is being overzealous on a possible read-through to the balance of the company's LatAm assets given the public bidding war between Enel and Iberdrola in Europe for their stake.

For an analyst ratings summary and ratings history on AES Corp. click here. For more ratings news on AES Corp. click here.

Shares of AES Corp. closed at $13.41 yesterday.

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