Mizuho raised the firm’s price target on DTE Energy to $133 from $121 and keeps an Outperform rating on the shares after the company last week received a proposal for decision in its natural gas rate case in Michigan. Most notable was the 9.40% recommended return on equity, well below the 9.90% currently authorized, and 9.80% recommended by staff, the analyst tells investors in a research note. The firm says that while the proposal was below expectations, it continues to believe the final order for DTE expected in November “will be constructive, and more closely aligned with recent decisions in the state.” It cites current market multiples for the target increase.
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