Barclays reiterated an Overweight rating and $137 price target on DTE Energy (DTE) after MPSC released a rate order for DTE Gas, authorizing to increase the revenue requirement by roughly $114M with 9.8% ROE and 39.59$ equity layer. The downward stock reaction looks “overdone” relative to the slightly lower ROE, including the read-across to the company’s Electric business, the analyst tells investors in a research note. The firm added that the revenue requirement is in-line with bid-ask spread, and that the firm still recommends Buy on weakness.
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Read More on DTE:
- Jefferies power/utilities analysts hold an analyst/industry conference call
- DTE Energy price target raised to $145 from $133 at Wells Fargo
- DTE Energy reports Q3 operating EPS $2.22, consensus $1.88
- DTE Energy sees FY24 operating EPS $6.54 – $6.83, consensus $6.70
- DTE Energy placed on ‘Positive Catalyst Watch’ at JPMorgan