UBS analyst William Appicelli lowered the firm’s price target on Constellation Energy (CEG) to $388 from $420 and keeps a Buy rating on the shares. While near-term clarity on PJM/FERC rules and share lockup expiries remain key overhangs, the company’s 147 TWh of nuclear capacity, contracting strategy, and potential upside from future contracts, power prices, margin expansion, and capital allocation position it to benefit from robust data center-driven demand growth, with full EPS potential in the $19-$20 range by 2029, the analyst tells investors in a research note.
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