Mizuho raised the firm’s price target on DTE Energy to $121 from $119 and keeps a Buy rating on the shares. The firm also named the stock one of its Top Picks for 2024. Utilities underperformed the S&P 500 Index in 2023, but the recent federal pivot has indicated rate cuts will occur in 2024, leading Mizuho to believe the sector is poised to outperform the market, the analyst tells investors. While most macro headwinds appear to have cleared, investors should focus on regulatory jurisdictions, the firm says. Mizuho’s key investment theme for 2024 is “location matters,” as the firm believes any decline in interest rates may cause regulators to trim return on equity.
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