UBS Lifts Constellation Energy Corporation (CEG)’s Price Target To $360 After Meta Deal

On Tuesday, UBS analysts raised Constellation Energy Corporation (NASDAQ:CEG)’s price target to $360 from $320, while maintaining a Buy rating for its shares. The update reflects a 15% upside potential from its current trading value of $313.03.

UBS Lifts Constellation Energy Corporation (CEG)'s Price Target To $360 After META Deal

A close up of a wind turbine producing electricity as the sun sets.

The adjustment followed Meta’s announcement of a 20-year nuclear power deal with Constellation Energy Corporation (NASDAQ:CEG). Under the agreement, the tech giant will buy around 1.1 gigawatts of energy from the Clinton Clean Energy Center in Illinois, starting June 2027.

UBS analysts say the power purchase agreement (PPA) aligns with Constellation Energy Corporation (NASDAQ:CEG)’s earlier guidance from a recent earnings call, which hinted the deal was nearing completion. They anticipate the company to win more PPA deals ahead in the year, which could drive up its share price.

Moreover, Constellation Energy Corporation (NASDAQ:CEG)’s $16.4 billion acquisition of Calpine Corp is expected to close later this year, which may also serve as a tailwind for the stock.

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