DTE Energy price target raised to $122 from $121 at BMO Capital

BMO Capital analyst James Thalacker raised the firm’s price target on DTE Energy to $122 from $121 and keeps a Market Perform rating on the shares. The company’s comprehensive settlement agreement in its Integrated Resource Plan is not only another positive data point but should also reinforce investor confidence in a collaborative Michigan stakeholder process and regulatory environment, the analyst tells investors in a research note. The firm adds however that while the stock currently trades a full multiple point below its historical premium average, shares should trade in a narrow-band for the near-term given the size of the current electric rate case, challenges to offset the 2022 rate case with one-time cost savings, and storm-related costs adding pressure to its mitigation efforts.