UPDATE: Jefferies Raises PT on American Electric Power Company on Adjusted 2013 Quarters

In a report published Tuesday, Jefferies analyst Paul B. Fremont reiterated a Buy rating on American Electric Power Company

, and raised the price target from $50.50 to $55.00. In the report, Fremont noted, “We are adjusting 2013e quarters including a $0.05 decrease of 1Q13 to $0.80 and a $0.05 increase of 2Q13 to $0.75. The reduction in our 1Q13 estimate reflects the impact of increased customer switching in Ohio partly offset by the benefit associated with the company's Ohio capacity deferral.” American Electric Power Company closed on Monday at $49.98.