Deutsche Bank Reiterates Buy Rating On CMS Energy (CMS)

Deutsche Bank is reiterating its Buy rating on CMS Energy CMS following an overreaction to the Michigan Public Service Commission's decision to allow DTE Energy DTE to follow through on its proposal to self-implement $107 million in new electric rates, lowered from DTE's request for $230 million. Deutsche Bank explains, “In response to the decision, both DTE and CMS underperformed utility peers, but CMS' 2% decline was more pronounced.” However, Deutsche maintains CMS' Buy rating and price target of $20.60. At closing yesterday, CMS Energy was trading at $18.94.