Wall Street Sees Long-Term Tailwinds for Constellation Energy’s (CEG) Power Portfolio. Here’s Why

Constellation Energy Corp. (NASDAQ:CEG) is among the most fantastic stocks every investor should pay attention to. Following the company’s Q3 results on November 5, Citi analyst Ryan Levine updated his estimates and raised his price target on the company from $337 to $368, according to TheFly. While the analyst reiterated his Neutral call on the stock, he acknowledged the positive trends in nuclear, which are benefiting the company.

Earlier, on November 3, analysts from KeyBanc Capital Markets released a report addressing concerns about a potential oversupply emerging from the recent focus on expanding nuclear energy capacities. According to the analysts, the overall power demand from the U.S. market is enormous, and the recent nuclear projects will only address a small part of it. They believe that the power markets will see capacity increases over a longer period of time and still see Constellation Energy Corp. (NASDAQ:CEG) as one of their top picks, which should benefit from the “electric power super-cycle”.

In their earlier update on October 14, KeyBanc analyst Sophie Karp had reiterated a Buy rating with a price target of $417, which she had raised from $337 earlier.

Additionally, on October 28, Wells Fargo analyst Shahriar Pourreza initiated coverage on the stock, assigning an Overweight rating and a price target of $478, according to TheFly. As the foundation of the bullish rating, the analyst acknowledged that the company is structurally well-positioned to benefit from the constrained power supply and robust demand in the long term. The stock has seen a strong share price performance, and the analyst predicts both long-term and short-term drivers to support the momentum.

Constellation Energy Corp. (NASDAQ:CEG) is a major producer and supplier of clean electricity in the United States. Its generation portfolio consists of a large fleet of nuclear plants, supported by natural gas, wind, solar, and hydro assets. The company boasts of the largest carbon-free generation fleet in the U.S., and with its owned contracted capacity, it is also the largest electric generation company in the country.

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