Zacks Investment Research upgraded shares of CMS Energy Corporation (CMS) from NEUTRAL to OUTPERFORM on May 17, 2013, with a target price of $34.00.
We are upgrading our recommendation on CMS Energy Corp. to Outperform from Neutral following its solid first-quarter 2013 results. The company reported impressive first-quarter earnings surpassing expectations and reaffirmed the 2013 earnings guidance and the long-term 5%-7% growth rate. Over the long term, the company presents a strong growth story, given its stable electric and gas utility operations, favorable regulatory policies in Mich., higher rates, strong balance sheet and incremental dividend. We believe that CMS, as a core utility portfolio holding, is a pure-play regulated utility with reliable execution and lower risk. Its growth plan is backed by project backlog and hence remains risk free for reliability on a single project.
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