Evercore ISI raised the firm’s price target on American Electric to $96 from $90 and keeps an In Line rating on the shares. Given the year-to-date underperformance, the firm is more constructive on the Power & Utilities group and likes the risk/reward into 2024 and long term. However, in the near-term, fundamentals remain challenging and regulatory risks have been rising throughout the year so the firm prefers to stay on the sidelines and look for these headwinds to abate, the analyst tells investors in a preview note.
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