UPDATE: J.P. Morgan Maintains Neutral Rating, Raises PT for American Electric Power

In a report published earlier today, J.P. Morgan & Co. maintained its Neutral rating for American Electric Power Company, Inc.

and slightly raised its price target from $41.00 to $42.00. J.P. Morgan said they arrived at the new price target “by applying a 5% discount to the 2012E EPS hybrid group multiple of 14.7x. The modest discount to the group average multiple reflects AEP's shift from largely regulated or quasi-regulated status to an unregulated market structure in 2014. We believe that AEP's heavy exposure to coal generation in Ohio also supports our 5% discount, which is somewhat offset by the relatively constructive regulatory environment within its multiple jurisdiction.” American Electric Power Company, Inc. closed at $38.61.