FirstEnergy price target lowered to $44 from $46 at Guggenheim

Guggenheim analyst Shahriar Pourreza lowered the firm’s price target on FirstEnergy to $44 from $46 and keeps a Buy rating on the shares. Utilities have been material underperformers year-to-date compared to the broad markets and most names within the group are trading at discounted valuation levels, the analyst tells investors. Despite the sector’s underperformance, the firm maintains a neutral stance on the group.