Citi Downgrades DTE Energy (DTE) to Hold
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Citi downgrades DTE Energy Co (NYSE: DTE) from Buy to Hold. Price target $37.
Citi analyst says, "The stock now trades at 11.4x ’09, inline with the Defensive subgroup average of +/-11.5x’09 and has a dividend yield of 6%. We still think DTE offers reasonable yield + growth characteristics with a constructive Michigan regulatory backdrop somewhat mitigating concerns regarding economic conditions. However, the positive drivers for DTE now appear to be priced into the stock...Despite exposure to a weakening Michigan economy, we continue to believe DTE can grow earning from $3.10/share in 2008 to $3.50/share in 2010, driven by constructive regulatory treatment.
DTE Energy Company is an energy company. The Company’s utility operations consist primarily of The Detroit Edison Company (Detroit Edison), which is a direct wholly owned subsidiary of DTE Energy Company and Michigan Consolidated Gas Company (MichCon), which is an indirect wholly owned subsidiary of DTE Energy.
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