DTE Energy Company (NYSE:DTE) is one of the top utility stocks to buy now. On April 9, analysts at Jefferies reiterated their Buy rating on DTE Energy Company (NYSE:DTE) and raised the price target to $170 from $153. The price target hike comes on the heels of the company inking a new data center deal with Google in Michigan. The company is to provide electric service and renewable energy deployment as part of the deal.
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The 1 gigawatt deal underscores the growing demand for clean energy, presenting an opportunity for DTE Energy to capitalize on data center opportunities. The company has already inked two data center deals, helping strengthen its client base. It could also ink a third deal in the second half of the year, according to the research firm.
According to Jefferies, the wave of data center deals opens the door for the company to deliver a compound annual growth rate of 8% or higher through 2030. The robust growth remains well supported by a pipeline of 5 to 6 gigawatts of power, with about 2 gigawatts in the late stages of development.
DTE Energy Company (NYSE:DTE) is a Detroit-based diversified energy company that generates, transmits, and distributes electricity to 2.3 million customers and provides natural gas to 1.4 million customers. The company operates a mixed energy portfolio (coal, nuclear, natural gas, wind, solar) and is expanding into renewable energy, gas storage, and non-utility energy-related projects.
While we acknowledge the potential of DTE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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