Jefferies Upgrades FirstEnergy Corp. (FE) to Buy
Get Alerts FE Hot Sheet
Rating Summary:
13 Buy, 13 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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Jefferies upgraded FirstEnergy Corp. (NYSE: FE) from Hold to Buy with a price target of $37.00 (from $31.00).
Analyst Paul B. Fremont comments, "FirstEnergy regulated earnings less holding company expenses are trading at a discount to our regulated utility average P/E multiple. Beginning in 2017, merchant free cash flow is expected to be positive while providing only a nominal contribution to EBITDA and earnings. We would view FirstEnergy as a regulated utility with a free option on recovery of power prices."
The firm lowered FY 2014 EPS from $2.55 to $2.40 and raised FY 2015 EPS from $2.75 to $2.85.
For an analyst ratings summary and ratings history on FirstEnergy Corp. click here. For more ratings news on FirstEnergy Corp. click here.
Shares of FirstEnergy Corp. closed at $32.65 yesterday.
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