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UPDATE: Jefferies Downgrades FirstEnergy to Underperform on Regulatory Risk

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Jefferies reduces its rating on FirstEnergy (NYSE: FE) from Hold to Underperform and reduces its price target from $48 to $40.

Jefferies comments, "We are downgrading FirstEnergy to Underperform from Hold based on increasing regulatory risk in New Jersey and Ohio. Next month regulators are expected to rule in New Jersey on whether to issue a show cause order requiring JCPL to file a rate case. In Ohio, the company's ESP 3 stipulation is running into increasing opposition over the continuation and expansion of the delivery capital recovery rider."

FE closed at $47.69 on Tuesday.

Latest Ratings for FE

DateFirmActionFromTo
Apr 2016RBC CapitalDowngradesOutperformSector Perform
Apr 2016JefferiesDowngradesBuyHold
Apr 2016BarclaysDowngradesOverweightEqual-weight

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Posted-In: JefferiesAnalyst Color Price Target Reiteration Pre-Market Outlook Analyst Ratings

 

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