FirstEnergy price target raised to $43 from $41 at KeyBanc

KeyBanc raised the firm’s price target on FirstEnergy to $43 from $41 and keeps an Overweight rating on the shares. The firm says FirstEnergy remains one of the few “value” names it prefers as the company continues to trade at an unwarranted discount to its peers. KeyBanc expects shares will begin to trade more in line as the company progresses through 2024 and demonstrates its capability to execute its plan. While FirstEnergy will complete the MD, NJ, and WV rate cases in the first half, the OH rate case will garner the most attention. All in, the firm expects FirstEnergy to be able to close the regulatory lag and begin to earn closer to its authorized levels across its jurisdictions, while improving its earnings quality, providing investors with comfortability on its ability to execute its long-term outlook.