Constellation Energy downgraded at KeyBanc with catalysts played out

As previously reported, KeyBanc analyst Sangita Jain downgraded Constellation Energy to Sector Weight from Overweight with no price target. The firm maintains that Constellation is “a quality company” with “adequate downside support” from the provisions of the IRA, but many of the catalysts that the firm envisioned have played out and the firm believes that the shares will be “mostly range-bound,” at least in the near-term.