TD Cowen Initiates Coverage on Constellation Energy (CEG) With $440 Price Target

Core Viewpoint - Constellation Energy Corporation (NASDAQ:CEG) is being closely monitored by investors, particularly due to its integration with Calpine, which presents a significant contracting opportunity [1][2] Group 1: Analyst Coverage and Price Target - TD Cowen analyst Eli Mingos initiated coverage on CEG with a price target of $440.00, indicating a positive outlook for the stock [1] - The firm anticipates that contracts will continue to be signed through 2026 at prices above the forward curve [1] Group 2: Business Opportunities - The integration of Calpine is viewed as a compelling opportunity for contracting, enhancing CEG's market position [1] - Gas Power Purchase Agreement (PPA) deals are identified as having intriguing upside potential, complementing CEG's existing nuclear fleet [1] Group 3: Regulatory Environment - Despite the positive outlook, there is a caution regarding elevated regulatory risk associated with the stock [2]