UPDATE: Goldman Sachs Downgrades American Electric Power (AEP) to Sell
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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."
Shares of American Electric Power closed at $78.15 yesterday.
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