CMSD - CMS Energy: Ambitious Renewable Energy Goals Some Possible Challenges

• Renewables have proven to be a very popular and profitable investment theme over the past year.
• CMS Energy has one of the most ambitious climate change programs of any utility in the United States, which could position it well for forward growth.
• The company may struggle to achieve its goals in the near-term until energy-storage technology catches up.
• The company has a rather high debt load compared to its peers, which could turn off more conservative investors.
• The valuation and dividend appear reasonable, although it does lack free cash flow.

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