KeyBanc analyst Sophie Karp assumed coverage of FirstEnergy with an Overweight rating and $46 price target. The previous analyst covering the stock at the firm had a Sector Weight rating prior to dropping coverage. The analyst believes that after the spin-off of its merchant generation, FirstEnergy is "well-positioned to re-establish itself as a premier regulated utility." Karp also notes that the stock is trading at a 2-turn discount relative to its peers, which indicates that investors are underappreciating its above-average growth opportunities.