American Electric price target raised to $131 from $114 at BofA

BofA raised the firm’s price target on American Electric (AEP) to $131 from $114 and keeps a Buy rating on the shares. The firm, which expects American to introduce at least $70B capex for the five-year window, with potential upside from Texas growth capex tailwinds, ultimately expects the company to stick with a 6%-8% EPS growth rate, but thinks it could see rate base growth accelerate versus the current 8% compound annual growth rate guidance.