CMS Energy price target raised to $80 from $73 at BofA

BofA raised the firm’s price target on CMS Energy (CMS) to $80 from $73 and keeps a Buy rating on the shares. The Michigan Public Service Commission approved a final order in CMS’s electric rate case proceeding that approves a revenue increase of $176M, a 9.9% ROE, and a 50% equity ratio on a rate base of $14.9B, notes the analyst, who calls this “a constructive outcome” for CMS that also provides a positive read through on the MPSC by “virtue of the consistency and reasonableness of its recent orders.”