DTE Energy (DTE) PT Raised to $142 at Citi
Citi analyst Ryan Levine raised the price target on DTE Energy (NYSE: DTE) to $142.00 (from $132.00) while maintaining a Buy rating.
The analyst comments "Ramp in Vantage on Track for Q4 with Ford Growth— Three additional solar parks (three already in-service) will come online in Q4 to support Ford’s plant. The projects total 800MW and will drive ITCs in the quarter. The projects are underpinned by a long-term fixed fee contract and are scheduled to go into full operation in November. While Ford’s BlueOval City plant has delayed EV production to 2027 (originally 2025), this will minimally impact DTE since the company has signed PPAs with Ford, which typically include “take or pay” provisions. DTE could potentially redirect this power to other industrial customers within the TN area. Strong Q3, PT Increase — DTE’s $2.22 adj. EPS beat Citi & Street, driven by electric rates, warmer weather, and timing of taxes (~$40M Q4 reversal) offset by higher costs. We revised our estimates to reflect updated guidance. We raise our PT to $142/share based off 20.0x PE multiple."