Jefferies Upgrades FirstEnergy Corp. (FE) to Hold

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Jefferies upgraded FirstEnergy Corp. (NYSE: FE) from Underperform to Hold with a price target of $49.50 (from $40.00).

The firm comments, "We are upgrading FirstEnergy to Hold from Underperform based on the decision by the Public Utilities Commission of Ohio to approve the company's ESP 3 stipulation. There was no modification of the company's proposed distribution capital recovery rider. The New Jersey Board of Public Utilities issued a show cause order requiring Jersey Central Power & Light to file a general rate case."

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 $49.75 yesterday, with a 52 week range of $38.77-$49.93.

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