Jefferies analysts initiated coverage on CMS Energy (NYSE:CMS) with a Buy rating and a price target of $76 on the stock. They forecast a 7.5% compound annual growth rate (CAGR) in earnings per share (EPS), exceeding the company’s guidance of 6-8%.

The analysts highlighted CMS Energy’s extensive operations in Michigan and its significant infrastructure replacement needs, which contribute to a highly visible long-term investment trajectory. They also noted potential growth opportunities from onshoring and data center developments.