UPDATE: Jefferies Reduces PT to $45 on FirstEnergy on Pulled Guidance
Jefferies reiterated its Hold rating on FirstEnergy (NYSE: FE) and lowered its price target from $49.50 to $45.
Jefferies noted, "FirstEnergy withdrew its 2013 earnings guidance of $3.10-$3.40 indicating a significant number of changes impacting its competitive business segment. The company hopes to refresh 2013 guidance before its analyst conference scheduled in beginning of 2013. 2Q12 earnings were $0.60 below consensus estimate of $0.64."
FirstEnergy closed at $46.14 on Tuesday.
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