ISI is out with its report today on CMS Energy (NYSE:

), downgrading CMS to Hold. In its report, ISI writes, "CMS shares have risen 14.4% since 8/8/11 vs. 13.3% for the Regulated sub-group and 8.1% for the S&P 500. We now rate CMS Hold, Low Risk, retaining our 12-month target price of $19.50. Our ratings change is driven purely by valuation as we believe CMS has rebounded to a more rational valuation." Shares of CMS closed Monday at $19.63.