Zacks Investment Research upgraded shares of DTE Energy Company (DTE) from NEUTRAL to OUTPERFORM on August 06, 2012, with a target price of $73.00.
We are upgrading our long-term recommendation on DTE Energy to Outperform after a resounding bottom-line beat in the second quarter, which fully offset the effects of a flat top-line. The bottom-line was helped by significant demand for electricity due to record high temperatures and ongoing utility capex programs. Our bullish outlook for DTE Energy is supported by its stable and growing utilities and its complementary non-utility businesses. Going forward, the growth momentum will be maintained by beneficial regulatory policies in Michigan, higher authorized rates for its regulated business, growth opportunities in its un-regulated businesses and an industry-high dividend yield. There are also plans to monetize its Barnett Shale assets and other properties, which would alleviate the need for external borrowings.
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