CMS Energy price target lowered to $65 from $75 at Mizuho

Mizuho lowered the firm’s price target on CMS Energy to $65 from $75 and keeps a Buy rating on the shares. Utilities underperformed the S&P 500 Index in 2023, but the recent federal pivot has indicated rate cuts will occur in 2024, leading Mizuho to believe the sector is poised to outperform the market, the analyst tells investors. While most macro headwinds appear to have cleared, investors should focus on regulatory jurisdictions, the firm says. Mizuho’s key investment theme for 2024 is “location matters,” as the firm believes any decline in interest rates may cause regulators to trim return on equity.