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BMO Capital lowered the firm’s price target on American Electric (AEP) to $100 from $108 and keeps an Outperform rating on the shares. The company has announced a partnership with KKR and PSP to sell a 19.9% stake in its Ohio/ Indiana & Michigan Transcos for $2.82B, and the proceeds of the sale were “significantly higher than expectations”, though the firm’s reduced price target reflects a mark-to-market adjustment, the analyst tells investors in a research note.

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Read More on AEP:

• American Electric Power’s Strategic Partnership with KKR and PSP

• American Electric Power Rises After KKR, PSP Take 20% Stake in Two Units

• KKR, PSP Investments acquire minority stake in two American Electric companies

• American Electric to sell 19.9% equity interest in two Transcos for $2.82B

• American Electric Power Announces New CFO Appointment