Barclays downgraded DTE Energy (DTE) to Equal Weight from Overweight with a price target of $135, down from $137. The firm reshuffled its preferences in Michigan utilities following the Q4 earnings, now seeing CMS (CMS) as the preferred way to invest in the state’s “premium” regulatory environment. DTE eventually needs to deal with the renewable natural gas tax credit roll-off, which will require an acceleration of rate base growth, capex ramp, additional equity, and increased leverage to maintain it’s outlook closer to the midpoint, the analyst tells investors in a research note.
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