Jefferies Cuts Price Target as FirstEnergy (FE) Settles PA Case
- Wall Street surges to new highs; transports set record
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Abbott (ABT) Files Complaint to Terminate Alere (ALR) Acquisition
- Costco Wholesale (COST) Tops Q1 EPS by 5c; Comps Up 1%, 2% Ex-Gas
- After-Hours Stock Movers 12/07: (VYGR) (LULU) (HRB( Higher; (OHRP) (VRNT) (CMTL) Lower (more...)
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wedbush Raises Price Target on Francesca's (FRAN) Following 3Q Report
- Credit Suisse Upgrades Juniper Networks (JNPR) to Outperform
- BWS Financial Cuts Price Target on Sigma Designs (SIGM) to $5.00
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!