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DTE Energy Co (NYSE:DTE) is set to report quarterly results on October 23, but analysts see limited upside, with Scotiabank's Andrew Weisel downgrading the stock from Outperform to Sector Perform and setting a $147 price target.
The DTE Energy Thesis: "Investors are less interested in defensive stocks like DTE in today's risk-on macro environment," Weisel said in the downgrade note.
Check out other analyst stock ratings.
The company continued to project 6%-8% earnings growth, which is faster than peers, due to the OBBB extending RNG tax credits through 2029, the analyst stated.
He added, however, that investors were disappointed by DTE Energy not raising its guidance.
While the Michigan regulatory environment is "better than most investors appreciate," the state has lagged in terms of data center customers, which is likely to have weighed on sentiment, Weisel wrote. He recommended the stock for investors with longer-term investment horizons.
DTE Price Action: Shares of DTE Energy had risen by 0.78% to $140.36 at the time of publication on Friday.
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