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UPDATE: Jefferies Upgrades FirstEnergy on Valuation

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FirstEnergy (FE) Gains on Long-term Investment Outlook
Mid-Afternoon Market Update: NASDAQ Up 50 Points; Ocwen Financial Shares Spike Higher

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
May 2017JP MorganDowngradesOverweightNeutral
May 2017Evercore ISI GroupDowngradesBuyIn-Line
May 2017BarclaysUpgradesEqual-WeightOverweight

View More Analyst Ratings for FE
View the Latest Analyst Ratings

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

 

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