Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
American Electric Power Company Inc (NYSE:AEP) is a utility company that recently announced investments into renewable energy.
The Analyst
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Morgan Stanley's Stephen Byrd upgraded the stock from Equal-weight to Overweight and increased the price target from $80 to $83.
The Thesis
The analyst sees a 7 percent EPS growth potential and his current price target implies a 9 percent upside potential for the stock. The stock trades at 4 percent discount to large and mid-cap regulated peers on consensus estimates, while it trades with a discount of 6 percent on Morgan Stanley's estimates. Byrd is optimistic about investments in the wind energy, which is now the cheapest form of energy.
The main growth driver for the company is investing in grid, said the analyst and added that American Electric Power Company needs to spend $2.5 billion annually on its transmission system. The company has a strong balance sheet, with a relatively modest level of holdco debt, said the analyst. He doesn't expect that the tax reform is going to have a major effect on the company's cash flows.
The Price Action
American Electric Power Company traded about 1 percent higher Wednesday. It recently reached its 52-week high of $78.07.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.