Analyst Note| Andrew Bischof, CFA, CPA |
We are reaffirming our $91 fair value estimate after American Electric Power reported first-quarter operating earnings per share of $1.22 compared with $1.15 in the year-ago period. Management reaffirmed its 2022 operating EPS guidance of $4.87-$5.07 and its 6%-7% long-term growth target. Both are consistent with our expectations. Our narrow moat and stable moat trend ratings are unchanged.