UBS Raises Price Target on DTE Energy (DTE) to $112; Reiterates Buy
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UBS reiterated a Buy rating on DTE Energy (NYSE: DTE), and raised the price target to $112.00 (from $108.00), following announce public offering.
Analyst Julien Dumoulin-Smith commented, "Providing limited EPS benefits through 2019 despite employing equity units, which limits the near-term dilutive impact, the deal has limited impacts to the company through the medium-term despite the $1.3 Bn price tag. While complementary to existing midstream efforts, the transaction price is more surprising than the strategic logic in pursuing the deal. Total 1+Bcf/d potential expansion highlights increased confidence around growth targets and we expect EEI update to provide both an updated capex plan and increased CAGR targets."
Shares of DTE Energy closed at $94.88 yesterday.
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