BMO Capital raised the firm’s price target on DTE Energy to $111 from $107 and keeps a Market Perform rating on the shares. The analyst cites the “constructive” Michigan Public Service Commission final order in DTE Electric’s rate case, approving a $368M revenue increase supported by a 9.9% ROE, 50% equity ratio, and $22.15B rate base. The firm remains at neutral however pending the company’s soon-to-be-released 2024 early outlook and updated five-year capital/financing plan.
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Read More on DTE:
- Michigan approves $368M rate increase for DTE Energy customers
- DTE Energy reduces customers’ bills by passing on $300 million savings in fuel and transportation costs
- DTE Energy to reduce Power Supply Cost Recovery mechanism
- DTE Energy price target lowered to $106 from $109 at Barclays
- DTE Energy price target lowered to $106 from $121 at Mizuho