Constellation Energy price target lowered to $321 from $417 at KeyBanc

KeyBanc lowered the firm’s price target on Constellation Energy (CEG) to $321 from $417 and keeps an Overweight rating on the shares. The firm notes Constellation Energy shares were pressured following its much anticipated 2026 Business and Earnings Outlook, which provided a comprehensive update to incorporate the Calpine acquisition. The update, in KeyBanc’s view, introduced complexity into modeling, and raised a number of red flags that has weighted on shares. While the firm believes that the shares present an attractive opportunity and should rebound once all the moving parts are digested by investors, KeyBanc is moderating its valuation views at this juncture.

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