Wells Fargo Starts Constellation Energy (CEG) at Market Perform

Wells Fargo initiates coverage on Constellation Energy (NYSE: CEG) with a Market Perform. PT range $43-$44.

Wells analyst says, "Our Market Perform rating reflects our assumption that the proposed merger is approved and is driven by our rating on shares of Excelon (NYSE: EXC). Under the merger terms, CEG shareholders will receive 0.93 shares of EXC for each share of CEG. The merger is expected to close in early 2012 pending regulatory approvals."

For more ratings news on Constellation Energy click here and for the rating history of Constellation Energy click here.

Shares of Constellation Energy closed at $38.91 yesterday.

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