Stormy Start of the Summer; Reiterate Buy

研报英文原文证据摘录

Stormy Start of the Summer; Reiterate Buy

USA | Power & Utilities

DTE Energy EquityJulyResearch9, 2026

TARGET | ESTIMATE CHANGEStormy Start of the Summer; Reiterate Buy

Reiterate Buy. Signed DC deals solidify our confidence in 8%+ CAGR, with the RATING BUY

rate case stay-out, materially de-risking the story. An attractive entry point with PRICE $151.39^

stock trading at a -3% discount vs. DC-exposed peers trading at high-single- PRICE TARGET | % TO PT $172.00 ($168.00) | +14%

digit/teens premiums. Expect weak 2Q results on timing of taxes and mild 52W HIGH-LOW $155.75 - $126.23

weather; quiet 2Q with key events set for 3Q. Prolonged outages due to recent FLOAT (%) | ADV MM (USD) 100.0% | 218.88

storms bring DTE's reliability performance back into focus. MARKET CAP $31.4B

TICKER DTE

We continue to see DTE Electric stay-out proposal as a game changer; execution into 2H26 ^Prior trading day's closing price unless otherwise noted.

is the key. We view the stay-out as a major differentiator amid rising affordability concerns and

increasing political pushback to DTE’s annual rate increase requests. Further execution on the data

center opportunity, coupled with greater confidence that the stay-out materializes, should drive FY (Dec) CHANGE TO JEFe JEF vs CONS

further multiple re-rating. Key near-term milestones are the Oracle ramp schedule remaining on-time, 2026 2027 2026 2027

Google deal approval, and a potential third data center agreement over the next several months. EPS NA NM NM NM

DPS NA NA NA NA

Expect weak 2Q results on tax timing and mild weather; remain confident on DTE's ability to

achieve high end of 2026 guide. Full capital plan and CAGR update expected at EEI, with all

2026 ($) Q1 Q2 Q3 Q4 FY

indicators pointing higher.