Jefferies raised the firm’s price target on Constellation Energy (CEG) to $347 from $293 and keeps a Hold rating on the shares. Constellation and other Independent Power Producers have traded off since early August earnings with no or disappointing deal announcements, though this is still up about 90% from early April lows, notes the analyst, who prefers IPP peers NRG Energy (NRG) and Talen Energy (TLN). The firm sees the latter offering better risk-adjusted returns without a need to secure multiple GWs of hyperscaler deals to support the valuation, the analyst noted.
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