American Electric downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded American Electric to Equal Weight from Overweight with a price target of $83, down from $84. With the shares closer to an in-line valuation multiple following the activism and a CEO change, the firm is downgrading the shares. The analyst sees the C-suite and board focused on the CEO search and return on equity improvement with wider strategic catalysts less likely.