Constellation Energy (CEG) Price Target Raised to $420

Core Insights - Constellation Energy Corporation (NASDAQ:CEG) is recognized as one of the best utility stocks to invest in according to hedge funds [1] - The company is the largest producer of carbon-free energy in the US, with a generating capacity exceeding 32.4 GW from various energy sources [2] Price Target Adjustments - UBS raised its price target for Constellation Energy from $385 to $420, indicating an upside potential of over 16% from the current share price while maintaining a 'Buy' rating [3] - Conversely, JPMorgan lowered its price target from $422 to $410 but kept an 'Overweight' rating, reflecting adjustments made after the third-quarter report [4] Acquisition and Financial Impact - Constellation Energy announced an agreement with the U.S. Department of Justice to proceed with its $16.4 billion acquisition of Calpine Corporation, which is expected to enhance the company's free cash flow by $2 billion annually [5] - The acquisition will significantly expand Constellation's nuclear energy portfolio, which is increasingly relevant as major tech companies seek nuclear energy solutions for their data centers [6]