American Electric price target lowered to $113 from $116 at Mizuho

Mizuho analyst Anthony Crowdell lowered the firm’s price target on American Electric (AEP) to $113 from $116 and keeps a Neutral rating on the shares. The company has a “robust” capex backlog but needs to show regulatory execution for the shares to re-rate higher, the analyst tells investors in a research note. The firm believes the recent West Viriginia regulatory decision approving an “underwhelming” 30% of the utility’s ask will likely give investors pause before viewing American Electric as a premium utility. Mizuho views the shares as fairly valued.