In a report published Friday, BMO Capital Markets analyst Michael S. Worms reiterated a Market Perform rating on American Electric Power Company AEP, but lowered the price target from $52.00 to $48.00.
In the report, BMO Capital Markets noted, “AEP reported 2Q13 operating EPS of $0.73 versus $0.77 in 2Q12. The decline reflects the impact of the transition to competition in Ohio, (-$0.09, including lower PJM capacity payments), cooler weather (-$0.04), higher costs (-$0.05, plant outage and storm) and lower grain/coal exports at AEP River Operations (-$0.03), partially offset by rate relief (+$0.14), increased transmission investment (+$0.02) and interest income (+$0.06). 2Q13 EPS exclude a $0.20 charge for the retirement of 585 Mw Muskingum River Plant Unit 5 in 2015 and a $0.16 tax gain.”
American Electric Power Company closed on Thursday at $45.81.
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