In a report published earlier today, J.P. Morgan & Co. maintained its Neutral rating for American Electric Power Company, Inc. AEP and slightly raised its price target from $41.00 to $42.00.
J.P. Morgan said they arrived at the new price target “by applying a 5% discount to the 2012E EPS hybrid group multiple of 14.7x. The modest discount to the group average multiple reflects AEP's shift from largely regulated or quasi-regulated status to an unregulated market structure in 2014. We believe that AEP's heavy exposure to coal generation in Ohio also supports our 5% discount, which is somewhat offset by the relatively constructive regulatory environment within its multiple jurisdiction.”
American Electric Power Company, Inc. closed at $38.61.
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