Constellation Energy (CEG) PT Raised to $82 at BofA Securities

BofA Securities analyst Paul Zimbardo raised the price target on Constellation Energy (NASDAQ: CEG) to $82.00 (from $65.00) while maintaining a Buy rating.

The analyst commented, "We reiterate Buy on Constellation Energy (CEG) ahead of the inaugural earnings call following the February 2nd spin-off from Exelon Corp (EXC). CEG is highly operationally levered to natural gas and coal prices which generally set power prices. The rally in the energy complex since late January has driven our 2022-2024E adjusted EBITDA estimates +12-17% with the mostly open 2025E +32% in less than three months. This is largely consistent with the +34% rally in 2024 natural gas prices over the period versus CEG +31%. We are now 10-20% above Consensus adjusted EBITDA estimates and our latest open unhedged 2024E/2025E is ~$4.1Bn, staggering growth. We also forecast a robust +50% 1Q beat."

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