AEP gains as Jefferies upgrades to 'buy' from 'hold'; raises PT
Shares of utility American Electric Power AEP.O rises 1.4% at $122.93 premarket
Brokerage Jefferies upgrades the stock to "buy" from "hold"
Jefferies also raises price target to $137 from $128, 7% upside to the stock's last close on Monday
The upgrade due to AEP's formalized $72 billion capital plan, accelerating transmission-led growth, protective large-load tariffs, data center-driven demand and improved earnings visibility
"Data center growth enables earned return on equities improvement for key large-cap long, giving AEP more torque to accelerate U.S. load growth than defensive alternatives,"- Jefferies
Ten out of 23 brokerages rate the stock "buy" or higher, 12 "hold" and 1 "sell"; their median PT is $130 - data compiled by LSEG
As of last close, AEP up 31.5% YTD
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