Mizuho analyst Anthony Crowdell lowered the firm’s price target on American Electric to $87 from $93 and keeps a Buy rating on the shares. The analyst believes the Oklahoma Corporation Commission’s modification of the non-unanimous settlement reached in Public Service Company of Oklahoma’s latest rate case has led investors to believe that Oklahoma utility regulation is becoming more challenging. However, the firm’s analysis of the past five electric rate cases show the circumstances of this PSO rate case were different from those of the past. It adjusted the price target to reflect current market multiples.
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