CMS Energy price target lowered to $62 from $69 at BMO Capital

BMO Capital analyst James Thalacker lowered the firm’s price target on CMS Energy to $62 from $69 but keeps an Outperform rating on the shares. The intervenor testimony in the company’s pending electric rate case was modestly below the firm’s expectations, but still likely provides stakeholders with a sufficiently stable starting point to facilitate settlement discussions as the case progresses through the fall and before the December 21st proposal for decision by administrative law judge, the analyst tells investors in a research note. BMO remains positive on CMIS longer-term given its above-average earnings growth rates, long-dated visible capital program, consistent execution, and supportive regulatory environment.