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S&P Capital IQ upgrades DTE; Guggenheim adds renewable energy to coverage

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August


S&P Capital IQ upgrades DTE; Guggenheim adds renewable energy to coverage

Upgrades

S&PCapital IQ on April 26 upgradedits investment option on DTE EnergyCo. to "hold" from "sell" and increased the 12-monthtarget price to $84 from $81, based on its positive view of the company shares.

"Webelieve DTE's capital spending program will boost future EPS and see the sharesas fairly valued," S&P Capital analyst Christopher Muir said in a noteto investors. The analyst raised the price target due to higher peer valuation.


was to "sector perform" atRBC Capital Markets LLC, which raised its per-share price target on company stocksby $1 to $38 on April 25. The company was previously rated "underperform"at the brokerage.


J.P.Morgan Securities LLC has movedits investment opinion on Black HillsCorp. to "overweight" from "not rated" with a pricetarget of $62.

"Despitean exceptionally strong YTD run, we see BKH shares as outperforming over the next12 months as 1) merger execution benefits come more clearly into focus for management,2) non-synergy related utility load, customer and rate base growth with rider-recoveryplay out and 3) E&P business value is realized through a combination of assetsales and cost-of-service rate-basing," J.P. Morgan analyst Christopher Turnurewrote in an April 25 note.


On April18, Deutsche Bank Securities Inc. upgradedPG&E Corp. to "buy"from "hold" and raised the target to $62 from $58 on better valuationcompared to its regulated peers, especially EdisonInternational.

"Wecontinue to see a path for [the company] to return to a premium valuation, thoughwe believe this will take time," Deutsche Bank analyst Jonathan Arnold said.

Downgrades

DeutscheBank on April 18 downgradedEdison International andExelon Corp. to "hold"from "buy," and their price targets were raised to $71 from $67, and to$36 from $34, respectively.

was alsoreduced to "sell" from "hold" and the price target was increasedto $70 from $62.

Coverage initiations

GuggenheimSecurities LLC launched coverage of the alternative energy sector with a favorableview and a preference for domestically focused players.

For projectdevelopers, the firm assigned FirstSolar Inc. a "buy" rating and a $77 price target and a "neutral"rating and no price target. For yieldcos, Guggenheim assigned Atlantica Yield and8point3 Energy Partners LP"neutral" ratings and PatternEnergy Group Inc. a "buy" rating and a $26 price target.

AtlanticaYield is legally known as AbengoaYield Plc.

Notable reiteration

Guggenheimanalysts on April 26 reiterated its "buy" rating and $97 price targeton DTE Energy Co. stock,after the company reported its first-quarter results. "We believe current valuationlevels continue to prompt a good entry point," the analysts said.

Guggenheimalso revised its 2016 EPS estimate for DTE to $5.03 from $4.96.

S&P Capital IQ and S&PGlobal Market Intelligence are owned by S&P Global Inc.