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FE

FirstEnergy

$35.39

0.09 (0.25%)

, EXC

Exelon

$42.17

0.31 (0.74%)

17:26
07/10/18
07/10
17:26
07/10/18
17:26

FirstEnergy Solutions enters Stalking Horse deal to sell loan-serving business

FirstEnergy Solutions (FE) announced that it has agreed to sell its retail and wholesale load-serving business to Constellation, a subsidiary of Exelon Corporation (EXC), for a purchase price of $140M in cash, subject to certain purchase price adjustments. FES has approximately 900,000 Commercial & Industrial and Residential customers in six states in the Midwest and Mid-Atlantic, primarily Ohio and Pennsylvania and serves 41 terawatt-hours of electricity load. The transaction with Constellation does not include the transfer of (i) FES cash collateral posted with various counterparties or (ii) FES working capital. In total, FES expects to realize total cash proceeds of approximately $280 million, subject to certain purchase price adjustments, including the return of cash collateral and collection of retained net working capital. The sale will be accomplished pursuant to a court-supervised Section 363 bankruptcy auction process. FES has filed a motion with the Bankruptcy Court overseeing its chapter 11 cases for approval of auction and bid procedures that will permit other interested parties to submit competitive bids for the retail and wholesale load serving business. The sale is subject to receipt of other necessary approvals, including Hart-Scott-Rodino. If approved, the companies expect to close the transaction in the fourth quarter of 2018.

FE

FirstEnergy

$35.39

0.09 (0.25%)

EXC

Exelon

$42.17

0.31 (0.74%)

FE FirstEnergy
$35.39

0.09 (0.25%)

07/10/18
LEHM
07/10/18
INITIATION
Target $39
LEHM
Equal Weight
FirstEnergy initiated with an Equal Weight at Barclays
Barclays analyst Eric Beaumont started FirstEnergy with an Equal Weight rating and $39 price target.
06/18/18
MSCO
06/18/18
NO CHANGE
MSCO
Overweight
Utilities sector upgraded to Overweight at Morgan Stanley
Morgan Stanley equity strategist Michael Wilson noted that year-to-date performance across assets shows large divergences in performance across the risk spectrum, arguing that it is "probably not too early" to start shifting out of some of the extreme cyclicals and picking up more defensively oriented names given the "ever tightening" financial conditions. He upgraded the Utilities sector to Overweight, citing expectations of peak 10 Year Treasury yields and improving relative earnings breadth. The firm has individual Overweight ratings on American Electric (AEP), FirstEnergy (FE), NextEra Energy (NEE), NextEra Energy Partners (NEP), PG&E (PCG), PSEG (PEG) and Xcel Energy (XEL).
05/07/18
MZHO
05/07/18
UPGRADE
Target $36.5
MZHO
Buy
FirstEnergy upgraded to Buy from Neutral at Mizuho
Mizuho analyst Paul Fremont upgraded FirstEnergy to Buy with an increased price target of $36.50. The analyst views the shares as "cheap" at current levels and views FirstEnergy as a potential M&A candidate.
04/30/18
WELS
04/30/18
UPGRADE
Target $41
WELS
Outperform
FirstEnergy upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Neil Kalton upgraded FirstEnergy to Outperform and raised his price target for the shares to $41 from $38. The analyst believes the company's valuation discount to peers is "excessive."
EXC Exelon
$42.17

0.31 (0.74%)

07/10/18
LEHM
07/10/18
INITIATION
Target $46
LEHM
Equal Weight
Exelon initiated with an Equal Weight at Barclays
Barclays analyst Eric Beaumont started Exelon with an Equal Weight rating and $46 price target.
03/29/18
03/29/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Exelon (EXC) upgraded to Neutral from Sell at Goldman Sachs by analyst Michael Lapides, with a $43 price target, as the analyst sees higher sum-of-parts value, potential upside to consensus estimates, and few near-term negative catalysts. 2. Harley-Davidson (HOG) upgraded to Neutral from Underperform at Longbow by analyst David MacGregor, citing valuation despite channel checks that indicate continued weakness in U.S. sales. MacGregor continues to be concerned about weak U.S. retail sales trends but views shares as fairly valued following his downgrade in January. 3. Jacobs Engineering (JEC) upgraded to Buy from Hold at Deutsche Bank by analyst Chad Dillard, who said the market is pricing in a near certain probability the CH2M merger integration will fail. He believes the concerns are overdone and thinks the risk of this merger is lower than other deals in the space. Jacobs management has a strong execution track record, Dillard contended. The analyst sees a path to 65% earnings growth and a doubling of free cash flow over the next three years. As such, he views the stock as "significantly undervalued." 4. Akamai (AKAM) upgraded to Equal Weight from Underweight at Morgan Stanley by analyst Keith Weiss. After a period of declining margins, he sees signs of stability, noting that following the involvement of activist Elliott Management the company has announced a 5% workforce reduction and new shareholder value initiatives. Also, the contribution from Akamai's top 6 Media customers looks to have stabilized after two years of steep declines and his customer survey indicating a more defensible core base, Weiss said. 5. Yandex (YNDX) upgraded to Buy from Neutral at Citi by analyst Brady Martin, who updated his model to reflect the company's better than expected fiscal 2017 financials as well as the taxi transaction with Uber that closed in February. Martin noted that Yandex continues to increase share on both desktop and mobile. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/28/18
GSCO
03/28/18
UPGRADE
GSCO
Neutral
Exelon upgraded to Neutral from Sell at Goldman Sachs
Goldman Sachs analyst Michael Lapides upgraded Exelon to Neutral from Sell with a $43 price target, as the analyst sees higher sum-of-parts value, potential upside to consensus estimates, and few near-term negative catalysts.
03/28/18
GSCO
03/28/18
UPGRADE
GSCO
Neutral
Exelon upgraded to Neutral from Sell at Goldman Sachs

TODAY'S FREE FLY STORIES

ROK

Rockwell Automation

$172.89

2.3 (1.35%)

08:43
10/15/18
10/15
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08:43
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Rockwell Automation rating change  »

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VIPS

Vipshop

$5.41

0.345 (6.82%)

08:43
10/15/18
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08:43
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Vipshop analyst commentary  »

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FTSI

FTS International

$12.21

0.3 (2.52%)

08:41
10/15/18
10/15
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08:41
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FTS International rating change  »

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  • 30

    Oct

SPY

SPDR S&P 500 ETF Trust

$275.95

3.51 (1.29%)

, SPX

S&P 500

$0.00

(0.00%)

08:41
10/15/18
10/15
08:41
10/15/18
08:41
General news
Trump says Saudi Arabia's King denies knowledge of what happened to journalist »

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SPY

SPDR S&P 500 ETF Trust

$275.95

3.51 (1.29%)

SPX

S&P 500

$0.00

(0.00%)

03/08/13
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HSC

Harsco

$24.87

-0.24 (-0.96%)

08:40
10/15/18
10/15
08:40
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08:40
Hot Stocks
Harsco Rail awarded multiyear MTA contract valued at approx. $40M »

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  • 31

    Oct

08:40
10/15/18
10/15
08:40
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08:40
General news
U.S. retail sales rose 0.1% in September, and fell 0.1% excluding autos »

U.S. retail sales rose…

KRYS

Krystal Biotech

$15.49

0.58 (3.89%)

08:40
10/15/18
10/15
08:40
10/15/18
08:40
Conference/Events
Krystal Biotech to hold a conference call »

Management holds a…

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  • 15

    Oct

DLGNF

Dialog Semiconductor

$0.00

(0.00%)

08:39
10/15/18
10/15
08:39
10/15/18
08:39
Upgrade
Dialog Semiconductor rating change  »

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GLPI

Gaming and Leisure Properties

$34.09

0.01 (0.03%)

, PENN

Penn National

$29.91

1.33 (4.65%)

08:39
10/15/18
10/15
08:39
10/15/18
08:39
Hot Stocks
Gaming and Leisure enters into master lease with Boyd to include 3 properties »

Gaming and Leisure…

GLPI

Gaming and Leisure Properties

$34.09

0.01 (0.03%)

PENN

Penn National

$29.91

1.33 (4.65%)

PNK

Pinnacle Entertainment

$32.57

0.57 (1.78%)

BYD

Boyd Gaming

$31.86

0.13 (0.41%)

03/08/13
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  • 01

    Nov

TNDM

TNDM

08:39
10/15/18
10/15
08:39
10/15/18
08:39
Recommendations
TNDM analyst commentary  »

Tandem Diabetes…

03/08/13
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  • 27

    Nov

NTRI

Nutrisystem

$37.12

1.11 (3.08%)

08:39
10/15/18
10/15
08:39
10/15/18
08:39
Downgrade
Nutrisystem rating change  »

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PH

Parker-Hannifin

$167.41

1.71 (1.03%)

08:38
10/15/18
10/15
08:38
10/15/18
08:38
Downgrade
Parker-Hannifin rating change  »

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MTNB

Matinas BioPharma

$0.82

0.0363 (4.63%)

08:38
10/15/18
10/15
08:38
10/15/18
08:38
Hot Stocks
Matinas BioPharma appoints Theresa Matkovits as CDO »

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PENN

Penn National

$29.91

1.33 (4.65%)

, PNK

Pinnacle Entertainment

$32.57

0.57 (1.78%)

08:37
10/15/18
10/15
08:37
10/15/18
08:37
Hot Stocks
Penn National completes acquisition of Pinnacle Entertainment »

Penn National Gaming…

PENN

Penn National

$29.91

1.33 (4.65%)

PNK

Pinnacle Entertainment

$32.57

0.57 (1.78%)

BYD

Boyd Gaming

$31.86

0.13 (0.41%)

GLPI

Gaming and Leisure Properties

$34.09

0.01 (0.03%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
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03/06/13
Barclays

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  • 01

    Nov

CUBI

Customers Bancorp

$21.82

-1.01 (-4.42%)

08:37
10/15/18
10/15
08:37
10/15/18
08:37
Upgrade
Customers Bancorp rating change  »

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  • 15

    Oct

  • 26

    Oct

ALBO

Albireo Pharma

$26.11

0.47 (1.83%)

08:37
10/15/18
10/15
08:37
10/15/18
08:37
Hot Stocks
Albireo Pharma to present findings from multiple studies on PFIC »

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  • 17

    Oct

LLL

L3 Technologies

$195.99

0.74 (0.38%)

, HRS

Harris

$154.88

0.61 (0.40%)

08:36
10/15/18
10/15
08:36
10/15/18
08:36
Recommendations
L3 Technologies, Harris analyst commentary  »

L3 Technologies price…

LLL

L3 Technologies

$195.99

0.74 (0.38%)

HRS

Harris

$154.88

0.61 (0.40%)

03/08/13
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  • 15

    Oct

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    Oct

  • 16

    Oct

CPST

Capstone Turbine

$0.94

-0.0441 (-4.48%)

08:36
10/15/18
10/15
08:36
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08:36
Hot Stocks
Capstone Turbine secures new order from major oil and gas producer »

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  • 08

    Nov

CUBI

Customers Bancorp

$21.82

-1.01 (-4.42%)

08:35
10/15/18
10/15
08:35
10/15/18
08:35
Upgrade
Customers Bancorp rating change  »

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  • 15

    Oct

  • 26

    Oct

AVDL

Avadel Pharmaceuticals

$4.37

-0.18 (-3.96%)

08:35
10/15/18
10/15
08:35
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08:35
Hot Stocks
Avadel data shows increase in duration of FUSP with Noctiva »

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08:35
10/15/18
10/15
08:35
10/15/18
08:35
General news
Oil Action: NYMEX crude rallied to $72.69 highs »

Oil Action: NYMEX crude…

ENPH

Enphase Energy

$4.60

0.1 (2.22%)

08:35
10/15/18
10/15
08:35
10/15/18
08:35
Hot Stocks
Enphase Energy announces partnership with BayWa r.e. Solar Systems »

Enphase Energy announced…

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  • 15

    Nov

DIS

Disney

$112.61

1.44 (1.30%)

, FOXA

21st Century Fox

$45.36

0.23 (0.51%)

08:34
10/15/18
10/15
08:34
10/15/18
08:34
Recommendations
Disney, 21st Century Fox, 21st Century Fox analyst commentary  »

Disney shares appear…

DIS

Disney

$112.61

1.44 (1.30%)

FOXA

21st Century Fox

$45.36

0.23 (0.51%)

FOX

21st Century Fox

$44.94

0.15 (0.33%)

03/08/13
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  • 13

    Nov

HRS

Harris

$154.88

0.61 (0.40%)

, LLL

L3 Technologies

$195.99

0.74 (0.38%)

08:34
10/15/18
10/15
08:34
10/15/18
08:34
Recommendations
Harris, L3 Technologies analyst commentary  »

Harris price target…

HRS

Harris

$154.88

0.61 (0.40%)

LLL

L3 Technologies

$195.99

0.74 (0.38%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 15

    Oct

  • 15

    Oct

  • 16

    Oct

AMTD

TD Ameritrade

$50.52

0.72 (1.45%)

, FB

Facebook

$153.76

0.4 (0.26%)

08:33
10/15/18
10/15
08:33
10/15/18
08:33
Hot Stocks
TD Ameritrade launches virtual reality experience on Oculus Go »

TD Ameritrade (AMTD) is…

AMTD

TD Ameritrade

$50.52

0.72 (1.45%)

FB

Facebook

$153.76

0.4 (0.26%)

03/08/13
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03/06/13
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  • 23

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