We raise our 12-month target $1 to $140, 23.3x our 2022 adj. EPS estimate (widened $0.08 to $6.00; 2023's remains $6.27), above DTE's historical range but in line with current multi-utility peer valuations. DTE posts Q1 adj. EPS of $2.31 vs. $2.44, $0.23 above consensus forecasts, as higher gas rates, better performance in the energy trading business, and favorable tax timing outweighed unfavorable weather and lower margins at the electric utility. Weather-adjusted electric sales to commercial customers rose 2% vs. prior-year quarter, while residential and industrial sales declined 1% and 2%, respectively, leading to flat overall sales Y/Y. Despite better than expected results, DTE retained its current earnings guidance, recently raised in Q4 2021. We continue to monitor the ongoing electric rate case and expect DTE to file its next integrated resource plan in the fall, providing more detail on projected capital spending and more clarity on DTE's longer-term clean energy transition. Shares yield 2.6%.
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