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Constellation Energy (CEG) PT Raised to $230 at BofA Securities

May 30, 2024 5:27 AM

BofA Securities analyst Paul Zimbardo raised the price target on Constellation Energy (NASDAQ: CEG) to $230.00 (from $116.00) while maintaining a Neutral rating.

The analyst comments "We are reiterating our Neutral rating on Constellation Energy (CEG). We are also and updating our forward earnings estimates, adjusting our valuation methodology, increasing our price objective, and highlighting the sensitivity of earnings to changes in future realized power prices. We believe CEG is a unique company within our coverage universe, owning the largest merchant nuclear generating fleet in the country and having the most material exposure to rising or higher power prices. While we wait for more clarity on how CEG will realize this upside, we believe the stock fully reflects its strong growth profile, financial fundamentals, and forward power prices."

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