JPMorgan analyst Jeremy Tonet downgraded DT Midstream (DTM) to Neutral from Overweight with an unchanged price target of $59. The firm sees a more balanced risk/reward profile at current share levels. The analyst has perceived DT as attractive in an acquisitive environment for a number of larger natural gas midstreamers, but views the stock’s current valuation limiting or eliminating the spread versus potential suitors and reducing the chances of a buyout.
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