Bruce Jefferson
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Bruce Jefferson in Commodities,

FirstEnergy Unit's Bankruptcy A Bigger Catalyst Than It Seemed?

Electric utility FirstEnergy Corp. FE's First Energy Solutions, or FES, subsidiary is on the verge of filing for bankruptcy.

Against this backdrop, Evercore ISI upgraded shares of FirstEnergy on its view that bankruptcy implications for its FES subsidiary is more palatable than its previous assessment. As such, the firm upgraded FirstEnergy from In Line to Outperform and also increased its price target from $30 to $35. Source

The upside potential is lomited. Shares will break out the rising wedge and form a downside movement.