DTE Energy price target raised to $135 from $126 at BMO Capital

BMO Capital raised the firm’s price target on DTE Energy to $135 from $126 and keeps a Market Perform rating on the shares. The Administrative Law Judge in DTE’s gas case issued a less favorable ruling relative to the staff’s late-July updated testimony, but given the historically wider spread between ALJ and Staff positions as well as the Commission’s more balanced final orders, the firm does not “place a lot of weight on this testimony”, the analyst tells investors in a research note. Regulatory execution remains a key component to derisking the story and supporting continued multiple expansion, but BMO is also focused on the company’s comprehensive financial update in the fall associated with its Q3 EEI presentation. the firm added.