UBS last night upgraded American Electric (AEP) to Neutral from Sell with a price target of $132, up from $115. The company looks well positioned for higher earnings growth of 8%-9% annually through 2030, compared to last year’s 7% midpoint projection, the analyst tells investors in a research note. The firm says American Electric holds the largest backlog of major load contracts at 56 GW and boasts the largest transmission network, supporting its growth potential.
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Read More on AEP:
- American Electric upgraded to Neutral from Sell at UBS
- American Electric price target raised to $133 from $125 at Morgan Stanley
- American Electric price target raised to $141 from $137 at TD Cowen
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