American Electric price target raised to $114 from $108 at BofA

BofA raised the firm’s price target on American Electric (AEP) to $114 from $108 and keeps a Buy rating on the shares. The firm thinks shares have “a realistic path to a premium valuation” given the significant growth laterals it sees associated with American’s high-voltage 765kv system in Ohio and Indiana and it also sees opportunities for American to participate in a potential 765kv transmission buildout in Texas.