CMS Energy price target lowered to $79 from $81 at BMO Capital

BMO Capital lowered the firm’s price target on CMS Energy (CMS) to $79 from $81 and keeps a Market Perform rating on the shares. The Administrative Law Judge’s Proposed Final Decision in CMS’ electric rate case significantly broke rank from the state’s historically gradual ratemaking approach, proposing an 8.2% ROE, and despite historical improvement from ALJ PFDs, the headline will likely weigh on Michigan utilities until the case is adjudicated, the analyst tells investors in a research note.