Should be both correct and required (RFC5545 3.8.2.2) according to the RFC:
specifies a "DTSTART" property with a DATE value type but no
"DTEND" nor "DURATION" property, the event's duration is taken to
be one day. For cases where a "VEVENT" calendar component
specifies a "DTSTART" property with a DATE-TIME value type but no
"DTEND" property, the event ends on the same calendar date and
time of day specified by the "DTSTART" property.