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