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Upgrade Alert for FirstEnergy (FE)

By Amy Schwartz

FirstEnergy (NYSE:FE) was upgraded from Hold to Buy at Evercore ISI today. The stock closed yesterday at $33.16 on volume of 7.3 million shares, above average daily volume of 5.4 million.

FirstEnergy Corp. is a public utility holding company. The Company's subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, exploration and production of oil and natural gas, transmission and marketing of natural gas, and energy management and other energy-related services.

FirstEnergy share prices have moved between a 52-week high of $37.05 and a 52-week low of $28.89 and closed yesterday at 15% above that low price at $33.16 per share. The 200-day and 50-day moving averages have moved 0.04% lower and 0.10% higher over the past week, respectively.

Potential upside of 7.8% exists for FirstEnergy, based on a current level of $33.16 and analysts' average consensus price target of $35.73. FirstEnergy shares should encounter resistance at the 50-day moving average (MA) of $34.96 and support at its 200-day MA of $32.76.

SmarTrend recommended that its subscribers protect gains by selling shares of FirstEnergy on August 2nd, 2016 by issuing a Downtrend alert when the shares were trading at $33.70. Since that call, shares of FirstEnergy have fallen 4.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades firstenergy

Ticker(s): FE