DTE Energy (DTE) PT Raised to $133 at Mizuho

Mizuho analyst Anthony Crowdell raised the price target on DTE Energy (NYSE: DTE) to $133.00 (from $121.00) while maintaining a Outperform rating.

The analyst commented: "Late last week DTE received a Proposal for Decision (PFD) in its Natural Gas rate case in MI. Most notable was the 9.40% recommended ROE, well below the 9.90% currently authorized, and 9.80% recommended by Staff, and shares of both MI utilities (CMS-Outperform and DTE) underperformed sharply on the day. While the PFD was below expectations, we continue to believe the final order for DTE expected in November will be constructive, and more closely aligned with recent decisions in the state. We highlight that final orders have typically followed Staff recommendations more closely than PFDs in MI. Reiterate OP and raise PT to $133.00 (prev. $121.00) on current market multiples."

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