BofA/Merrill analyst Julien Dumoulin-Smith kept his Buy rating and $48 price target on FirstEnergy, saying yesterday's 4% decline in the stock price driven by the rejection of its $4B restructuring plan by a bankruptcy court has taken its valuation to the "most compelling" level in the past year. The analyst notes that in spite of the concerns about additional environmental liabilities translating back to FirstEnergy, the regulators are lacking datapoints to identify further liabilities, adding that the company has also already allocated about $200M in a surety bond to address further concerns.