American Electric Power (AEP) Stock Up as KeyBanc Raises Price Target

American Electric Power (AEP) stock price target was raised to $72.50 from $69 at KeyBanc this morning as the firm says the future for utilities looks bright post-Brexit.
By Natalie Walters ,

NEW YORK (TheStreet) -- Shares of American Electric Power (AEP) - Get Report are up 1.99% to $70.09 in pre-market trading as the company's price target was raised this morning to $72.50 from $69 with an "overweight" rating at KeyBanc Capital

The firm is raising their price target on the Columbus,OH-based electric utility post-Brexit, as they expect utility companies "to outperform in a risk-off market as increased market uncertainty drives a flight to the safety and yield of U.S.-centric utilities," KeyBanc wrote in an analyst note.  

KeyBanc said utility companies like American Electric have "minimal market exposure as well as attractive capital opportunities and generally supportive regulation." 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate AMERICAN ELECTRIC POWER CO as a Buy with a ratings score of A. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance and reasonable valuation levels. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

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