Citi Upgrades Constellation Energy (CEG) to Buy

Citi analyst Ryan Levine upgraded Constellation Energy (NASDAQ: CEG) from Neutral to Buy with a price target of $232.00 (from $334.00).

The analyst comments "Upgrade CEG to Buy — We upgrade CEG to Buy/H with $232 TP as the stock’s risk-reward profile looks more attractive after the sell-off, with upside in potential co-location deals (we assume ~1.0GW uprates & ~1.2GW existing), potential Texas gas builds, Calpine favorable stock issuance, and PTC downward protection from power price movements. We think the $232 valuation is achievable without any behind-the-meter deals or unannounced growth. Any material change to AI power market policies would create material upside for CEG. Bear case is $181 with no co-location."

For an analyst ratings summary and ratings history on Constellation Energy click here. For more ratings news on Constellation Energy click here.

Shares of Constellation Energy closed at $184.94 yesterday.

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