Seaport Research analyst Angie Storozynski upgraded Constellation Energy (CEG) to Buy from Neutral with a $407 price target Cash flows of thermal independent power producers are on the rise due to higher power and capacity prices, lower interest rates, and no cash taxes, the analyst tells investors in a research note. The Calpine merger should close within the next 30 days, and Seaport says that it would want to be long into its post-merger earnings update. The firm expects more datacenter power deal announcements, as well as additional M&A and positive earnings revisions for thermal IPPs before the end of the year.
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