DTE Energy’s Price Target Raised to $123 at BMO Capital

BMO Capital analysts raised their price target for DTE Energy (NYSE:DTE) to $123 from $120 while maintaining a Market Perform rating, following a quarterly review that prompted an update of Q2/024 estimate to $1.15, up from $0.99 in the same period last year.

The approximately 16% year-over-year increase is attributed to favorable weather comparisons at DTE Electric, rate relief from the 2023 electric rate case, and contributions from the Infrastructure Recovery Mechanism (IRM). These positives are partly offset by the reversal of 2023's cost control program and a lower contribution from Energy Trading and Marketing (ET&M). Investors' attention is expected to focus on ongoing regulatory proceedings and demand growth during the upcoming call on July 25.