FirstEnergy price target lowered to $45 from $52 at Guggenheim

Guggenheim analyst Shahriar Pourreza lowered the firm’s price target on FirstEnergy (FE) to $45 from $52 and keeps a Buy rating on the shares. Following “a disappointing print,” the firm says it thinks “the messaging and the expectations heading into today’s call could have been executed much better.” FirstEnergy was trading at a sizable discount going into the call, reflecting Ohio related concerns, and now is trading at a larger discount following a selloff, so the firm views the risk/reward as “skewed to the upside,” the analyst tells investors.