As previously reported, Guggenheim upgraded CMS Energy to Buy from Neutral with a price target of $64, up from $60. CMS reported a FY23 EPS beat, raised 2024 guidance, and increased capex, says the analyst, who sees potential upside remaining on both capex and EPS growth. The firm no longer sees the company as a 6%-8% EPS growth story, but an 8% grower with EPS rebase opportunities, adds the analyst. The firm has been looking for an entry point into “the premium CMS story” and it now sees CMS “crossing the threshold for risk/reward as a premium Buy,” the analyst tells investors.
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