UPDATE: Jefferies Raises PT on American Electric Power Following In-Line 1Q13 EPS

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

, and raised the price target from $55.00 to $56.50. In the report, Fremont noted, “AEP reported in-line 1Q13 EPS and affirmed 2013 guidance. The company reported that industrial sales declined 6.1% versus the same period a year ago and attributed half the decrease to one aluminum smelter shutting down a production line. We still believe AEP should trade at a premium to the group given its clean regulatory calendar and leverage to a recovery in demand.” American Electric Power Company closed on Friday at $50.54.