Constellation Energy upgraded to Buy at BofA on ‘compelling’ valuation

As previously reported, BofA upgraded Constellation Energy (CEG) to Buy from Neutral with a price target of $269, up from $237, citing sustained double-digit growth, an asset mix and business model that provides clean, baseload generation, and a “compelling valuation relative to peers.” The firm views Constellation as “in the best position to prosper” from rising demand, tightening supply, and likely soon to come regulatory clarity and believes this potential is not reflected in its current share price, the analyst tells investors.