Scotiabank downgrades DTE Energy on lack of earnings upside

Scotiabank downgraded DTE Energy (DTE) to Sector Perform from Outperform with an unchanged price target of $147. The sees a lack of upside to the company’s earnings outlook and believes investors are less interested in defensive stocks like DTE in today’s risk-on macro environment. As such, the stock’s valuation will be range-bound relative to peers, the analyst tells investors in a research note.