As previously reported, BofA analyst Julien Dumoulin-Smith downgraded FirstEnergy ( FE ) to Underperform from Neutral with a price target of $38, down from $41. With another EPS reset expected, followed by elevated regulatory activity, the analyst expects shares to lag in 2023. Many the firm talks to view FirstEnergy as the next CenterPoint Energy ( CNP ), but the latter was able to re-rate with new leadership and attractive utility assets and BofA does not believe FirstEnergy "is the next CNP," the firm stated.