FirstEnergy downgraded to Neutral from Buy at UBS

UBS analyst Gregg Orrill downgraded FirstEnergy to Neutral from Buy with a price target of $40, down from $45. FirstEnergy trades at a 15% discount and represents longer-term value, but the stock will be range-bound until 2024 catalysts approach, the analyst tells investors in a research note. These include detailed earnings growth rate guidance extended beyond 2025and completion of regulatory and legal dockets including proceedings with New Jersey, West Virginia, Ohio, and an SEC review, says the firm.