Deutsche Bank Reiterates Buy Rating On CMS Energy (CMS)

Deutsche Bank is reiterating its Buy rating on CMS Energy (NYSE: CMS) following an overreaction to the Michigan Public Service Commission's decision to allow DTE Energy (NYSE: 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.