Scotiabank lowered the firm’s price target on CMS Energy to $66 from $67 and keeps an Outperform rating on the shares. Interest rates remain stubbornly high, which has weighed on the sector’s valuation, the analyst tells investors. The firm views both Canadian and North American utility stocks as undervalued but sees upside for Canadian utility stocks following their steady underperformance compared to its U.S. peers. Fundamentally, Scotiabank remains bullish on the group’s long-term earnings outlook given the tailwinds driving its strong rate base growth.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CMS:
- CMS Energy price target raised to $66 from $65 at KeyBanc
- CMS Energy price target lowered to $57 from $58 at Barclays
- CONSUMERS ENERGY AND ONCOURSE HOME SOLUTIONS COMPLETE SALE OF APPLIANCE SERVICE PLAN BUSINESS
- Walmart partners with Consumers Energy to power 44 Michigan locations
- CMS Energy downgraded to Neutral from Buy at UBS
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue