Scotiabank raises PT on CMS Energy post Q1 results

** Scotiabank raises price target on utility CMS Energy CMS.N to $81 from $77; maintains rating of "sector outperform"

** New price target represents a 9.3% upside to the stock's last close

** Brokerage remains bullish on CMS and says that the recent electric rate case highlights Michigan's (MI) constructive regulatory environment

** "We continue to view MI as offering among the best regulatory environments in the country — not necessarily in the absolute top tier, but still among the most reliable, predictable, and transparent" - brokerage

** Scotiabank is reassured that CMS expects limited impact from tariffs, noting that 90% of the company's direct and indirect capital spend is domestically sourced

** 10 of 19 brokerages rate the stock "buy" or higher, 9 "hold"; median PT is $77 - data compiled by LSEG

** Up till last close, stock up 11.4% YTD