UPDATE: Jefferies Raises PT on FirstEnergy on CAD Testimony

In a report published Monday, Jefferies analyst Paul B. Fremont reiterated an Underperform rating on FirstEnergy Corp.

, and slightly raised the price target from $38.50 to $39.50. In the report, Fremont noted, “The Consumer Advocate Division (CAD) of the West Virginia Commission filed testimony arguing that Mon Power's and Potomac Edison's proposed purchase price of the Harrison Plant violates a prior stipulation barring recovery of goodwill.” FirstEnergy Corp. closed on Friday at $46.48.