KeyBanc raised the firm’s price target on Constellation Energy (CEG) to $265 from $230 and keeps an Overweight rating on the shares. The firm notes that Friday’s announcement of the planned restart of a Three Mile Island reactor to serve Microsoft (MSFT) data center load served as an important catalyst in demonstrating the value of nuclear generation in the age of AI. While the deal price was not disclosed, KeyBanc’s analysis suggests the overall off-take price in or close to the triple digits. As such, the firm believes the outperformance on Friday is justified, and thinks the momentum will continue.
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