FirstEnergy price target lowered to $40 from $42 at Mizuho

Mizuho analyst Anthony Crowdell lowered the firm’s price target on FirstEnergy to $40 from $42 and keeps a Neutral rating on the shares. The analyst says the selection of Brian Tierney as CFO is a "great fit" given his experience in navigating Ohio regulation and strong relationship with FirstEnergy’s board. The firm says it "wrongly believed" the stock would rally on the news and attribute the slight underperformance to the removal of any takeover premium. It dropped the price target to reflect current market multiples.