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Fly News Breaks for April 29, 2016
FE
Apr 29, 2016 | 07:22 EDT
After reviewing FERC's statement regarding its decision to review FirstEnergy's proposed power purchase agreements, Wells Fargo calls the 10% decline in First Energy's stock yesterday following the decision overdone. The firm thinks the decision will force FirstEnergy to issue equity this year to maintain its credit rating. However, Wells Fargo believes that the company's long-term, regulated growth strategy is intact. It trimmed its price target on the name to $37-$39 from $39-$40 but keeps an Outperform rating on the shares.
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