KeyBanc raised the firm’s price target on CMS Energy (CMS) to $79 from $76 and keeps an Overweight rating on the shares. The firm views CMS as a high-quality utility that is among the better-managed vertically integrated utilities in its space, which is also benefiting from positive load growth trends in MI, and a constructive jurisdiction demonstrated by the recent authorization of its gas rate case, with a similar outcome expected in the pending electric case. Therefore, KeyBanc expects the company to trade at a premium to its peers.
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