Barclays upgraded CMS Energy (CMS) to Overweight from Equal Weight with a price target of $75, up from $68. The firm reshuffled its preferences in Michigan utilities following the Q4 earnings, now seeing CMS as the preferred way to invest in the state’s “premium” regulatory environment. CMS has “higher-quality” earnings than DTE with a stronger balance sheet and a better line of sight to premium growth via Michigan’s financial compensation mechanism and currently filed renewable energy plan, the analyst tells investors in a research note.
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