DT Midstream initiated with a Buy at BofA on expected EBITDA growth

As previously reported, BofA initiated coverage of DT Midstream (DTM) with a Buy rating and $110 price target. DT Midstream, which was spun out of DTE Energy (DTE) in 2021, has attractive assets and an aggressive pipeline plan with $2.3B in potential capital projects in the works, notes the analyst. This backlog should increase EBITDA to $1.5B by 2029, or at a 7% 2025-2029 compound annual growth rate that the firm says is above consensus and comparable to peer Williams’ (WMB) growth rate.