Mizuho analyst Anthony Crowdell lowered the firm’s price target on Constellation Energy (CEG) to $300 from $330 and keeps a Neutral rating on the shares following the business update. Investors were expecting a large hyperscaler contract and an update following the integration of the Calpine assets, the analyst tells investors in a research note. The firm says investors were left disappointed with no data center contract. In addition, the absence of clear guidance from PJM Interconnection and the Federal Energy Regulatory Commission regarding large loads’ ability to contract with existing generation continues to create uncertainty, says Mizuho.
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