Constellation Energy price target raised to $417 from $357 at KeyBanc

KeyBanc analyst Sophie Karp raised the firm’s price target on Constellation Energy (CEG) to $417 from $357 and keeps an Overweight rating on the shares. The firm believes the thesis remains intact, as the company is well positioned to take advantage of the expanding data economy and its intrinsically appreciating generation fleet, highlighted by the recent PJM results and the LT PPA with Meta (META). KeyBanc expects the scarcity value of Constellation’s assets will continue to put upward pressure on shares as more deals are announced and expects buybacks to provide support for the share price.