Argus lowered the firm’s price target on CMS Energy to $62 from $75 but keeps a Buy rating on the shares. The company benefits from a favorable location in Michigan, which has a high proportion of skilled labor and a business-friendly regulatory environment while also increasing renewable energy investments it expects to eliminate coal-based generation by 2025, the analyst tells investors in a research note. The firm adds however that the price target cut reflects the impact of high interest rates having depressed stock valuation multiples.
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Published first on TheFly
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