DTE Energy price target raised to $117 from $106 at KeyBanc

KeyBanc raised the firm’s price target on DTE Energy to $117 from $106 and keeps an Overweight rating on the shares. The firm notes DTE started the year on the back foot with a warmer than normal winter, an underwhelming rate case outcome in the electric rate case, and some severe storms. Nonetheless, the company held guidance while implementing some recurring and one-time cost management initiatives. On the positive, the IRP yielded a constructive result and should set the path for extended uptrend in capex. KeyBanc believes that DTE should benefit from the positive load growth trends and increased resilience spending in MI while operating in a constructive regulatory environment.