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CIBC World Cuts CMS Energy Outlook

CIBC World cut the estimate and price target on CMS Energy (CMS).

Analyst Peter Case says he is cutting estimates to mirror an announcement that marketing, sales and trading will reduce activity down to regional wholesale and retail niche marketing. He says the Argentinean impact on estimates have increased. Case cut the $1.59 2002 earnings per share estimate to $1.50, and trimmed the $1.77 2003 estimate to $1.64. He also cut the $21 target to $16.50. Case rates CMS Energy as a buy; he thinks the potentially attractive dividend yield (although under risk), and capital appreciation leaves CMS attractive for aggressive investors.

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