UBS analyst Ross Fowler downgraded CMS Energy to Neutral from Buy with a $65 price target. The stock trades at one of the highest premiums in the firm’s coverage at 16.5x versus the group average of 14.9x, which fully prices in the company management’s strong track record of consistently hitting earnings targets the last 10 years and prices in most of the positive fundamentals, the analyst tells investors in a research note.
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