Jefferies raises FirstEnergy PT on increased capex forecast

Jefferies raises price target for electric utility FirstEnergy FE.N to $45 from $43

New PT represents an upside of 3.2% to the stock's last close on Tuesday

Brokerage raises PT on management's disclosure of up to a 20% increase in capital increase in the next five-year plan, implying $2.3 billion to $4 billion of incremental investment opportunity

"Based on the guidance and other developments we see a 7.4% earnings per share compound annual growth rate through 2029" - Jefferies

Brokerage notes that data center pipeline explosion creates long-term opportunity but near-term conversion visibility is limited

7 out of 16 brokerages rate the stock "buy" or higher and 9 "hold", their median PT is $46 - data compiled by LSEG

As of last close, FE shares up 9.6% YTD