UPDATE: ISI Downgrades CMS Energy to Hold

ISI is out with its report today on CMS Energy CMS, 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.