DTE Energy (DTE) PT Raised to $125 at KeyBanc

KeyBanc analyst Sophie Karp raised the price target on DTE Energy (NYSE: DTE) to $125.00 (from $117.00) while maintaining a Overweight rating.

The analyst commented, "DTE reported adjusted EPS of $1.67 vs. our forecast of $1.65 and consensus of $1.73. Earnings were +69% y/y, primarily driven by lower storm costs, rate implementation, and physical gas performance, partially offset by higher rate base costs, warmer weather, and an outage at renewable plants in 2024. The Company reaffirmed guidance of $6.54-$6.83, providing 7% growth over the 2023 guidance midpoint. DTE provided an upbeat forecast for 2024, expecting grid reliability and clean generation to drive earnings in 2024 and long-term growth bolstered by Vantage and electric utility opportunities from MI data center opportunities."

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