American Electric price target raised to $116 from $110 at UBS

UBS raised the firm’s price target on American Electric (AEP) to $116 from $110 and keeps a Sell rating on the shares. The American Electric story remains a work in progress, the analyst tells investors in a research note. The company previewed an increase up to $70B of capex over the next five years vs. $54B in the prior five year guidance, which should support the existing 6%-8% EPS growth rate range but not likely to drive an increase, the firm says.