UPDATE - Barclays Downgraded DTE Energy (DTE) to Equalweight; Stepping to the Sidelines

UPDATE - Barclays downgraded DTE Energy (NYSE: DTE) from Overweight to Equalweight, price target raised from $49 to $53.

Barclays analyst said, "With Detroit Edison's rate case now behind us and a 10.5% authorized ROE setting the benchmark for cost of capital in Michigan, we are stepping to the sidelines on DTE. Our downgrade is based largely on valuation. We still see DTE as a solid core long-term holding because of: 1) the company's good management team; 2) Strong 5-6% LT EPS growth rate; and 3) the 4.6% yield."

"Our '11/'12/'13 EPS estimates go to $3.54/$3.64/$3.90 from $3.49/$3.64/$3.90 as we reflect a 10.5% ROE at DetEd (previously 10.3%), slightly higher annual projected equity issuance (~$250M annually in '12 and beyond) and a more tempered forecast for MichCon."

To see more ratings changes on DTE, Click Here

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