FBR Capital Upgrades FirstEnergy Corp. (FE) to Outperform; Boosting Outlook for Integrated Utilities

June 14, 2011 7:36 AM EDT
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Price: $30.04 --0%

Rating Summary:
    7 Buy, 14 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 21 | Down: 16 | New: 10
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FBR Capital upgraded FirstEnergy Corp. (NYSE: FE) from Market Perform to Outperform. PT raised from $39 to $48.50.

FBR analyst says, "We are upgrading FirstEnergy and making Entergy (NYSE: ETR)our new FBR Top Pick. FE and ETR have the most potential upside among integrated names under our coverage as we look to 2014 earnings power. ETR’s valuation improves due to higher long-term power and natural gas prices. FE should see its earnings rebounding to $4 per share in 2014, which is likely more representative of what can be sustained and reflects $85/MW day in perpetuity capacity pricing. PPL Corp (NYSE: PPL) and Public Service Enterprise (NYSE: PEG) offer more modest upside."

For more ratings news on FirstEnergy Corp. click here and for the rating history of FirstEnergy Corp. click here.

Shares of FirstEnergy Corp. closed at $42.95 yesterday.

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