Algonquin Power downgraded at BofA after Kentucky Power deal called off

As previously reported, BofA analyst Dariusz Lozny downgraded Algonquin Power (AQN) to Neutral from Buy with a price target of $8.50, down from $9, after the company and American Electric Power (AEP) announced that they had mutually terminated Algonquin’s planned purchase of Kentucky Power from American. The shares of Algonquin were the top performer in the group year-to-date, as they anticipated the deal outcome, and the timing of the next catalysts is "not obvious," the analyst tells investors.