BMO Capital raised the firm’s price target on Constellation Energy (CEG) to $278 from $246 and keeps an Outperform rating on the shares. On Friday, the company announced that it had signed a 20-year on-grid, virtual Power Purchase Agreement, or PPA, with Microsoft (MSFT) which will include the restart of Unit 1 of Three Mile Island, and the firm views the transaction positively given its attractive cost of $1,377/KW and the 3.0% accretion to its Base Earnings CAGR, the analyst tells investors in a research note. BMO also raises its FY24 EPS view on Constellation Energy by 6c to $8.26.
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