Mizuho downgraded American Electric Power to Neutral from Buy with a price target of $83, down from $87. The analyst cites the “challenging” rate decision in West Virginia for the downgrade. This is the latest regulatory misstep by American Electric in a yearlong streak of challenging decisions, which include the failed Kentucky Power sale to Algonquin, a negative decision in Texas on plans to construct renewable generation, and a tough rate decision in Oklahoma, the analyst tells investors in a research note.
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