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DTE Energy Company (NYSE:DTE) is one of the high growth utility stocks to buy according to analysts. On May 5, analysts at Jefferies reiterated a Buy rating on DTE Energy Co (NYSE:DTE) but cut the price target to $168 from $170.
The research firm insists the stock is a buy given the data center deals the company has signed, and its rate case stays out proposal, which reduces risk around the stock. The data center deals the company has signed support a compound annual growth rate of 8% or higher, which supports the long-term outlook.
DTE Energy’s pipeline is also poised to receive a significant boost from 2 gigawatts in late-stage negotiations. In addition, the company is staring at long-term expansion opportunities with existing customers. Given the robust pipeline, analysts at Jefferies believe the stock is trading at a 4% discount to the average peer price-to-earnings ratio.
DTE Energy Company (NYSE:DTE) is a Detroit-based diversified energy company that generates, transmits, and distributes electricity to 2.3 million customers and sells natural gas to 1.4 million customers in Michigan. As a major utility, it operates power plants, pipelines, and renewable energy projects while investing heavily in decarbonization and infrastructure modernization.
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