FirstEnergy price target lowered to $40 from $44 at Wolfe Research

Wolfe Research analyst Steve Fleishman lowered the firm’s price target on FirstEnergy to $40 from $44 and keeps an Outperform rating on the shares following the Q3 report. FirstEnergy’s earnings still has “low quality elements,” but tax gains offsetting mild weather are not dissimilar to what others are doing, the analyst tells investors in a research note. The firm says the company’s long-term growth is intact, its rate exposure is modest, and regulatory execution “will take proof.”