BofA lowered the firm’s price target on Constellation Energy (CEG) to $401 from $407 and keeps a Buy rating on the shares. Constellation will host its business update on March 31 and “the market expects a meaningful reset” that incorporates Calpine and highlights the growing impact of data center demand, the analyst tells investors. Ahead of that event, the firm increased its 2026-28 EPS estimates to update its model to better reflect accretion from the Calpine acquisition that closed in January, but trimmed its price target as it moved to a 2028 valuation year and adjusted its valuation methodology.
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