Jefferies analyst Anthony Crowdell cut his price target on FirstEnergy Corp. (NYSE: FE) to $35.00 (from $39.00) but maintained a Buy rating.

Crowdell commented, "FE reported 3Q15 EPS of $0.98 which beat Street and Jefferies expectations. Results were driven by strong performance at all three of the company's business segments, particularly FE's unregulated business that benefited from strong PJM capacity prices. While management deserves credit for improving the quality of quarterly earnings, investors seem more focused on the Ohio PPA."

The firm trimmed Q4 EPS from $0.65 to $0.60 and FY 2015 EPS from $2.70 to $2.75.

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Shares of FirstEnergy Corp. closed at $31.20 yesterday.