Goldman Sachs has raised its price target on DT Midstream to $108.00 from $102.00 but continues to recommend Sell, with the firm noting valuation metrics leave the shares overextended ahead of the company’s fourth-quarter 2025 earnings release set for February 13. The new target sits below DT Midstream’s most recent trading price of $122.31, which is roughly 1% shy of the stock’s 52-week high.
On results, Goldman Sachs anticipates fourth-quarter EBITDA of $296 million, a figure marginally lower than the $297 million consensus. The bank expects sequential improvement driven by higher Northeast gathering volumes and typical pipeline seasonality. DT Midstream reported last twelve months EBITDA of $815 million as of the third quarter of 2025.
Looking further ahead, Goldman projects 2026 EBITDA of $1,224 million, placing that forecast at the high end of DT Midstream’s guidance range of $1,155 million to $1,225 million. For 2027 the bank models EBITDA of $1,274 million, which is below the prevailing consensus estimate of $1,306 million.
Goldman Sachs also highlights the potential for the company’s organic project backlog to grow from the current $2.3 billion to roughly $3 billion to $4 billion. The bank argues that such a revised backlog could underpin faster EBITDA growth than the company’s long-term projection of 5-7%.
Despite those constructive elements, Goldman maintained its Sell rating, explicitly citing "stretched valuation" as the overriding concern. That view is consistent with InvestingPro data referenced by the bank showing DT Midstream trading at a price-to-earnings ratio of 30.83 and materially above its Fair Value estimate. The company has increased its dividend for five consecutive years; the current yield stands at 2.68% and reported dividend growth is 11.56%.
Recent company results offer additional context. In the third quarter of 2025 DT Midstream posted adjusted earnings per share of $1.13, beating the expected $1.06 and generating a 6.6% surprise. Revenue for that quarter reached $309.16 million, topping estimates of $302.47 million by 2.21%.
Market coverage of DT Midstream has also seen divergent views. Jefferies initiated coverage with a Buy rating and a $125.00 price target, pointing to robust growth prospects in Midwest data center markets and projecting a 9% compound annual growth rate in EBITDA from 2025 through 2030. Jefferies’ outlook, which exceeds DT Midstream’s own long-term guidance of 5-7%, is supported by an assumed $3.9 billion in capital expenditures.
The juxtaposition of opinions and forecasts frames the near-term market debate for the stock: Goldman Sachs acknowledges potential project-driven upside to backlog and EBITDA growth but judges current multiples to be extended enough to warrant a Sell rating, while other firms see stronger growth scenarios that support higher targets and positive recommendations.
Context and next steps
Investors will receive updated company results when DT Midstream reports fourth-quarter 2025 earnings on February 13. That release will provide fresh data on EBITDA trends, gathering volumes and any revisions to backlog or capital expenditure plans that could shift analyst views.