Stifel Downgrades DT Midstream (DTM) to Hold

Stifel analyst Selman Akyok downgraded DT Midstream (NYSE: DTM) from Buy to Hold with a price target of $89.00 (from $78.00).

The analyst comments: "DTM reported 3Q24 results in line with our expectations, and raised the lower end of 2024 EBITDA guidance. While nothing was announced, management noted it was making progress around potential data center projects. Management did highlight its Birdsboro lateral could serve as a “template” for potential future projects. DTM provided color on the gas outlook for next year, outlining that it could see pickup in 4Q but the magnitude of the 2025 ramp is based on producer plans which, as of yet, are not finalized and winter which reduces natural gas in storage. At this time, we are raising our target price to $89 from $78 which is in line with the market and lowering our rating to Hold from Buy. With the shares trading at 11.5x our 2025 EBITDA estimate we view this as a valuation call as the company has delivered on its growth plans."

For an analyst ratings summary and ratings history on DT Midstream click here. For more ratings news on DT Midstream click here.

Shares of DT Midstream closed at $89.30 yesterday.

You May Also Be Interested In

• Tesla (TSLA) PT Lowered to $450 at Stifel
• Tesla (TSLA) PT Lowered to $120 at HSBC
• Deutsche Bank Upgrades M&T Bank (MTB) to Buy