UPDATE: J.P. Morgan Lowers American Electric Power's PT

According to a research report published earlier today, J.P. Morgan has lowered American Electric Power's

PT from $42 to $41. In the report, J.P. Morgan said, “In its latest attempt to reach an agreement with Ohio regulators, AEP submitted a new plan that addresses customer rate shock and PUCO's desire to accelerate the market transition, while attempting to limit the near-term impact to AEP shareholders. As a result, we are lowering our 2012E EPS estimate to reflect higher customer shopping assumptions and updating our 2013E EPS estimate to include the details from the most recent ESP filing. Since the final outcome in the ESP saga is still uncertain, we are maintaining our Neutral rating and providing a second iteration of our earnings sensitivity analysis to address a new range of outcomes in Ohio.” J.P. Morgan maintains its Neutral rating on American Electric Power, which closed yesterday at $38.58.