KeyBanc lowered the firm’s price target on FirstEnergy to $41 from $45 to reflect the refreshed bond-implied “fair” price-to-earnings multiple of 14.1-times and a 1.0-time sector adjustment, while keeping an Overweight rating on the shares. The firm believes FirstEnergy’s shares continue to trade at an unwarranted discount to the sector, and expects the valuation gap to contract as FirstEnergy progresses through its regulatory reset with active cases in MD, NJ, and WV. KeyBanc also believes CEO Brian Tierney and his OH ties position FirstEnergy well leading up to the OH rate case filing in May 2024.
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