UPDATE: Morgan Stanley Downgrades American Electric Power to Equal-Weight on Limited Upside
Morgan Stanley downgraded American Electric Power (NYSE: AEP) from Overweight to Equal-weight and lowered the price target from $46.00 to $45.00.
Morgan Stanley commented, "With strong outperformance since our upgrade in mid-2012, AEP shares are now trading in-line with diversified peers. We utilize the more discounted diversified utility valuation since when AEP's agreement in Ohio ends in 2½ years, the company may be exposed to weaker market energy/capacity prices."
American Electric Power closed at $43.22 on Wednesday.
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