Jefferies raised the firm’s price target on Constellation Energy (CEG) to $256 from $183 and keeps a Hold rating on the shares. Constellation rallied 22% on Friday, adding about $15B of market cap, as it announced plans to restart Three Mile Island Unit 1, which retired in 2019, and rename it the Crane Clean Energy Center. The 835MW unit is expected to come back online in mid-2028 and will sell its full output to Microsoft (MSFT) under a 20-year fixed-price PPA, notes the analyst. The virtual PPA has “very positive sector ramifications,” confirming the data center thesis and broadening the range of opportunities for nukes, though Jefferies cautions investors “keep in mind specific attributes make the deal uniquely attractive.”
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