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UPDATE: Goldman Sachs Initiates FirstEnergy at Neutral Post Underperformance

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12 Stocks Moving In Thursday's Pre-Market Session
Earnings Scheduled For April 26, 2016

Goldman Sachs initiated coverage on FirstEnergy (NYSE: FE) with a Neutral rating and a $44 price target.

Goldman Sachs noted, "We initiate coverage of FirstEnergy (FE) with a Neutral rating and a price target of $44, implying a modest total return of 2%. FE shares underperformed after FE withdrew 2013 guidance in August – our estimates appear largely inline for 2013, but 7% below consensus for 2014. In September, FE announced modest cost reductions – we assume FE expands this initiative and embed $150mn of incremental cost savings in our 2013 estimate, worth roughly $0.20-$0.25 in EPS and a positive catalyst when potentially announced in late 2012 or early 2013."

FirstEnergy closed at $45.20 on Thursday.

Latest Ratings for FE

DateFirmActionFromTo
May 2016BarclaysMaintainsEqual-weight
Apr 2016RBC CapitalDowngradesOutperformSector Perform
Apr 2016JefferiesDowngradesBuyHold

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Posted-In: Goldman SachsAnalyst Color Initiation Intraday Update Analyst Ratings

 

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