UPDATE: BMO Capital Raises PT on FirstEnergy Following 1Q13 Normalized EPS
In a report published Wednesday, BMO Capital Markets analyst Michael S. Worms reiterated a Market Perform rating on FirstEnergy Corp. (NYSE: FE), and raised the price target from $42.00 to $46.00.
In the report, Worms noted, “FE reported 1Q13 normalized EPS of $0.76 as compared with $0.82 in 1Q12 and consensus of $0.68. The lower year-over-year EPS was driven by lower commodity margins (-$0.14) primarily reflecting lower capacity revenues, lower transmission revenues and depreciation (-$0.04), partly offset by higher distribution deliveries ($0.07) mainly reflecting favorable weather, lower taxes ($0.04), and lower O&M expenses.”
FirstEnergy Corp. closed on Tuesday at $44.10.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.