DT Midstream downgraded to Hold from Buy at Stifel

Stifel downgraded DT Midstream (DTM) to Hold from Buy with a price target of $89, up from $78. The company’s Q3 results were in line with expectations, while the management raised the lower end of 2024 EBITDA guidance, and although nothing was announced, the company also noted it was making progress around potential data center projects, the analyst tells investors in a research note. The firm adds however that with the shares trading at 11.5-times expected 2025 EBITDA estimate, the downgrade is a valuation call as the company has delivered on its growth plans.