Deutsche Bank Has Buy On American Electric Power

Deutsche Bank is out with a research report on American Electric Power (NYSE: AEP) and it has a Buy rating and a $40.50 price target on shares.

In a note to clients, Deutsche Bank writes, "Yesterday AEP reached a settlement with the majority of parties in several outstanding cases before the PUCO, most significantly the 2012 Electric Security Plan (ESP) case. Signatories include PUCO Staff, industrial groups and competitive retailers. Notable absentees are FE and the Ohio Consumers' Counsel. Next steps are supporting testimony (9/13), opposing testimony (9/27) and a hearing (tentatively 10/4) with an order targeted for early November."

Shares of AEP gained 11 cents yesterday to close at $38.24.