Fly News Breaks for January 13, 2020
Jan 13, 2020 | 06:35 EDT
Credit Suisse analyst Michael Weinstein upgraded DTE Energy to Neutral from Underperform with a price target of $132, up from $125. In a research note to investors, Weinstein cites a combination of higher utilitycapital growth, modest upside from midstream acquisition activity and more attractive pricing after underperformance for the upgrade. Weinstein tells investors in a research note that DTE screens more fairly valued after several months of underperformance that accelerated in Q4 after the recent acquisition of midstream assets in the Haynesville basin and says he views a 7% increase in utility capex, with upside from renewables and distribution upgrades through 2024 as the most positive aspect of DTE's story. He adds that as an integrated utility holding company with exposure to the more cyclical and value-oriented energy sector, he sees the company as potentially better-positioned versus peers for the macro shift away from defensives that he expects in 2020.
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