Jefferies Cuts Price Target as FirstEnergy (FE) Settles PA Case
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Jefferies maintained a Hold rating on FirstEnergy Corp. (NYSE: FE), and cut the price target to $34.00 (from $36.00), following the company's announced settlement with interveners in its four distribution rate cases in Pennsylvania. FE was requesting a $439M rate increase and has settled on a revenue requirement of $291M. The settlements are subject to a recommended decision by the ALJ and approval from the Pennsylvania PUC with new rates in effect January 27, 2017.
Analyst Anthony Crowdell commented, "FE announced it had reached a settlement with interveners in their four Pennsylvania regulated utilities agreeing to approximately 66% ($291M) of the ask ($439M). After receiving a decision in Ohio last week, the company has completed all of its major regulatory proceedings except JCPL. We continue to believe FE is fairly-valued and assume 2016-17 equity needs of $1.6B."
Shares of FirstEnergy Corp. closed at $32.23 yesterday.
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