As previously reported, TD Cowen initiated coverage of Constellation Energy (CEG) with a Buy rating and $440 price target The firm cautions that regulatory risk remains elevated, but believes the Calpine integration provides “a compelling opportunity” for contracting and deals will continue to be signed through 2026 above forward curve prices. Gas PPA deals offer “intriguing upside potential” on top of Constellation’s existing nuclear fleet, the analyst added.
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