DTE Energy downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Sophie Karp downgraded DTE Energy (DTE) to Sector Weight from Overweight without a price target The firm sees to reduce exposure to Michigan. While DTE is a fundamentally strong utility with an attractive portfolio of businesses, recent regulatory outcomes in Michigan “have been unnerving to investors,” the analyst tells investors in a research note. The firm believes the trend to gradually reduce returns on equity and equity layer, witnessed in the latest ruling, is poorly timed given the situation it is observing in the capital markets.