UPDATE: Mizuho Securities Upgrades American Electric Power (AEP) to Buy
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Mizuho Securities analyst Paul Fremont upgraded American Electric Power (NASDAQ: AEP) from Neutral to Buy with a price target of $84.00 (from $81.00).
The analyst comments "Mizuho believes that there is a high likelihood of settlement in AEP Ohio’s distribution rate after the parties filed for a one-month delay in the regulatory calendar. The delay will provide an opportunity for the parties to engage in settlement discussions in early January. PUCO staff and AEP seem reasonably close on major issues with the exception of revenue requirement, where the major differences relate to taxes. Although potential exposure relating to the Householder investigation remains, AEP does not appear to be a major factor in the US Attorney investigation at this time. As a result, we are upgrading our rating on AEP shares to Buy and increasing our PT to $84 (previously $81)."
Shares of American Electric Power closed at $82.76 yesterday.
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