DT Midstream (DTM) PT Lowered to $145 at BofA Securities

BofA Securities analyst Jean Ann Salisbury lowered the price target on DT Midstream (NYSE: DTM) to $145.00 (from $155.00) while maintaining a Buy rating.

The analyst comments "DTM has lagged in recent months, both due to datacenter NIMBY concerns (QTD DTM down ~16% vs datacenter construction peers down ~7.7%). At the current $124/share, we estimate the stock is pricing in little beyond confirmed backlog. While investors may need to reset expectations for the pace of backlog additions, we see more projects getting added to backlog and see significant long-term opportunity for the stock and reiterate Buy. We slow our expectations for the potential backlog to 2032 (vs 2030 before), lowering PO from $155 to $145."

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