UPDATE: ISI Group Upgrades American Electric Power Company to Buy on Ohio Approval

ISI Group upgraded American Electric Power

from Hold to Buy and increased its price target from $40 to $46. ISI Group said, "The Ohio PUC has issued its order in AEP Ohio's ESP case. We believe the decision allows for an orderly transition to market pricing for AEP-Ohio customers by 2015 while allowing AEP to earn an adequate return during the transition and maintain the integrity of its balance sheet, allowing overall earnings at AEP to grow by at least 4% annually from '12-‘15. We are therefore raising our rating to Buy from Hold and our target from $40 to $46/sh." American Electric Power Company closed at $42.35 on Wednesday.