FirstEnergy slips on BofA downgrade to 'underperform'
23/01/2023 12:32
** Shares of electric utilities co FirstEnergy Corp FE.N
fall 1.1% at $41.7 in premarket trading
** BofA global research downgrades stock to "underperform"
from "neutral"; cuts PT to $38 from $41
** Brokerage expects shares to lag in 2023 as it anticipates
another EPS "reset" and increased regulatory activity ahead
** Says co's accounting of pension headwinds for 2023
exposes investors to more volatility than industry peers
** Eight of 16 brokerages rate the stock "buy" or higher,
six "hold" and two "sell" or lower; their median PT is $43.75
-Refinitiv data
** Shares of FE up 0.8% in 2022
(Reporting by Shristi Achar A in Bengaluru)
((Shristi.AcharA@thomsonreuters.com;))