BMO Capital lowered the firm’s price target on Constellation Energy (CEG) to $386 from $410 but keeps an Outperform rating on the shares. Investors were disappointed with Constellation’s refreshed financial update, which did not include any new long-term/above-market large load contracts, while the 2029 implied EPS range of $16.29-$18.31 was below consensus/buy side expectations, the analyst tells investors in a research note. BMO adds however it is confident in the management’s ability to execute above this initial range as upside opportunities are realized.
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