PSEG price target raised to $95 from $83 at Morgan Stanley

Morgan Stanley raised the firm’s price target on PSEG (PEG) to $95 from $83 and keeps an Overweight rating on the shares after Constellation Energy (CEG) announced the restart of its Crane nuclear plant along with a 20-year power contract with Microsoft (MSFT) at “a premium price.” The firm, which thinks the deal proves out the value of nuclear power for hyperscalers with higher prices possible for future deals, sees Constellation’s agreement offering positive readthrough to Vistra (VST) and PSEG, the analyst tells investors.