Melius Research Initiates Coverage on Constellation Energy (CEG) Highlighting Carbon-Free Power Dominance

Constellation Energy Corporation (NASDAQ:CEG) ranks among the best performing utilities stocks to buy now. On August 20, Melius Research began coverage of Constellation Energy Corporation (NASDAQ:CEG), assigning it a Buy rating and a $462 price target. The firm emphasized Constellation’s leading position in carbon-free power generation, namely its dominance in nuclear power production.

Melius Research Initiates Coverage on Constellation Energy (CEG) Highlighting Carbon-Free Power Dominance

According to Melius, Constellation Energy Corporation (NASDAQ:CEG) generates around 10% of the electrical power in the US and serves three-quarters of Fortune 500 corporations, in addition to over 2 million residential users.

The firm also stated that Constellation Energy’s already substantial market presence will be further enhanced by its impending acquisition of Calpine.

Constellation Energy Corporation (NASDAQ:CEG) is a prominent energy company with a strong clean energy portfolio of over 33,000 megawatts, which includes nuclear, solar, wind, and hydroelectric power facilities. It works across five regions: the Mid-Atlantic, the Midwest, New York, ERCOT, and Other Power Regions.

While we acknowledge the potential of CEG to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CEG and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.