Jefferies Lowers Price Target On American Electric Power To $37

According to Jefferies, American Electric Power AEP price target is lowered to $37. Jefferies said that the PUCO Staff filed its recommendations Friday morning -- sided with interveners on the four major issues. “Our price target of $37.00 is based on our 2013 EPS estimate of $3.30 in conjunction with an 11.2x P/E multiple.” American Electric Power closed on Friday at $36.24.