Constellation Energy (CEG) PT Lowered to $386 at BMO Capital

BMO Capital analyst James Thalacker lowered the price target on Constellation Energy (NASDAQ: CEG) to $386.00 (from $410.00) while maintaining an Outperform rating.

The analyst commented: "Investors were disappointed with Constellation's refreshed financial update, which did not include any new long-term/above-market large load contracts and the 2029 implied EPS range ($16.29-18.31) was below consensus/buy side expectations ($18.78). While 2029 EPS and FCFbG outlook did not meet elevated expectations, we view management's outlook as conservative as usual as it employs very measured assumptions and excludes key upside opportunities (large load contracting/expanding power margins). We are confident in management's ability to execute above this initial range as upside opportunities are realized. Reiterate Outperform with our MTM/SOTP now $386."

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