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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on AEP:
- A New Cause for Concern: American Electric Power Company, Inc. Adds a New Manufacturing Risk
- AEP Completes Sale of New Mexico Solar Assets
- American Electric Power Announces Leadership Transition and Interim CEO
- AEP Reports 2023 Earnings Results
- American Electric reports Q4 operating EPS $1.23 vs $1.05 last year