BMO Capital raised the firm’s price target on American Electric to $88 from $87 and keeps an Outperform rating on the shares. The company’s shares should react positively to the announcement that Ben Fowke III has been appointed Interim CEO and President, the analyst tells investors in a research note. Over the intermediate to longer-term, these changes in conjunction with the recently announced addition at the Board level are likely to bolster investors’ confidence in the company’s ability to execute its regulated growth strategy, the firm added.
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