Downgrades for American Electric & Hormel on Valuation Calls

Downgrades for American Electric (AEP), Hormel (HRL) and Intercontinental Exchange (ICE) in Thursday's Analysts' Actions. American Electric is now rated a MARKET PERFORM from OUTPERFORM at Wells Fargo. The price target range however was bumped up to $62-$64 from $61-$63. The firm says it was a valuation call since the stock has returned 15% over the past six weeks. BMO Capital downgraded Hormel to MARKET PERFORM from OUTPERFORM with a new price target of $58 from $53. The analysts there say their price target just doesn't provide sufficient upside to justify the top rating. Intercontinental Exchange was downgraded at Deutsche Bank to HOLD from BUY. The price was raised by 10 bucks to $230. That's about a 5% increase from the stock's previous close. Deutsche Bank says it likes ICE's long-term outlook but is downgrading the stock on its slower growth with the acquired New York Stock Exchange property.