Wolfe Research downgraded FirstEnergy (FE) to Peer Perform from Outperform with a $38-$43 fair value estimate. The firm sees concerns on FirstEnergy’s “low-quality” pension and coal earnings resurfacing, while the Ohio rate case “remains an overhang.” Wolfe now sees the company exploring a Signal Peak sale while seeing some earnings pressure at the same time. Meanwhile the pension earnings are facing pressure from rising rates, the analyst tells investors in a research note.
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