Market Overview

UPDATE: Jefferies Upgrades FirstEnergy on Valuation

Related FE
FirstEnergy Ohio Utilities File Settlement Agreement in Electric Security Plan
Anthony J. Alexander Elected Executive Chairman of FirstEnergy Corp.; Charles E. Jones Elected President and CEO

In a report published Tuesday, Jefferies analyst Paul B. Fremont upgraded the rating on FirstEnergy Corp. (NYSE: FE) from Underperform to Hold, and raised the price target from $33.50 to $36.50.

In the report, Jefferies noted, “We are upgrading FirstEnergy to Hold from Underperform based on valuation. The stock has underperformed the UTY by 11.8% since we downgraded the stock in January. Moody's concerns regarding FE competitive businesses have been resolved with the company raising $1.5 billion in proceeds from the Harrison asset transfer proceeding and the sale of hydro assets.”

FirstEnergy Corp. closed on Monday at $36.59.

Latest Ratings for FE

DateFirmActionFromTo
Dec 2014JefferiesMaintainsBuy
Dec 2014Deutsche BankMaintainsHold
Nov 2014BarclaysMaintainsEqual-weight

View More Analyst Ratings for FE
View the Latest Analyst Ratings

Posted-In: Jefferies Paul B. FremontAnalyst Color Upgrades Analyst Ratings

 

Related Articles (FE)

Around the Web, We're Loving...

Get Benzinga's Newsletters