TD Cowen Bullish on Constellation Energy (CEG) After Calpine Acquisition

Group 1 - Constellation Energy Corporation (NASDAQ:CEG) is viewed positively by hedge funds, with TD Cowen initiating coverage with a Buy rating and a price target of $440, highlighting the benefits from the Calpine Corporation acquisition and potential power contract growth through 2026 [1][3] - The demand for power in the United States is expected to exceed supply for several years, with TD Cowen predicting that this will lead to higher spark spreads and capacity pricing, driven primarily by data center capital spending [2] - The acquisition of Calpine is a significant factor in TD Cowen's optimistic outlook, noting that the settlement with the U.S. Department of Justice was more favorable than anticipated, with minimal divestitures relative to the transaction's scale [3]