JPMorgan downgraded American Electric (AEP) to Neutral from Overweight with a price target of $102, down from $109. The company’s new CEO Bill Fehrman has introduced a number of key organizational changes that are encouraging, but the transition likely takes time, the analyst tells investors in a research note. The firm appreciates American Electric’s increasing regulated generation opportunity, but says it remains a majority wires company. JPMorgan sees data center and onshoring load growth trends providing more upside to those “with more generation torque,” such as Xcel Energy (XEL). As as result, the firm sees stronger risk/reward propositions elsewhere in its coverage.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AEP:
- Bloom Energy price target raised to $20 from $7 at BofA
- American Electric price target raised to $108 from $104 at BMO Capital
- Bloom Energy price target raised to $33 from $21 at UBS
- American Electric price target lowered to $99 from $100 at Barclays
- Bloom Energy price target raised to $22 from $12 at Jefferies