American Electric downgraded at Evercore ISI in Power & Utilities reshuffle

As previously reported, Evercore ISI analyst Durgesh Chopra downgraded American Electric to In Line from Outperform with a price target of $102, up from $100, while rolling out its 2025 EPS forecasts and updating 12-month price targets among the firm’s Power & Utilities coverage. The firm’s bullish sector thesis played out last year and it is now cautious on the sector entering 2023 and expects a reversal of the material outperformance last year given that Evercore argues the group is "expensive both absolutely and relatively" versus bond yields and the S&P 500.