Jefferies analyst Julien Dumoulin-Smith initiated coverage of Constellation Energy with a Hold rating and $186 price target. The analyst launched coverage of the power sector with a constructive view. The firm names Vistra (VST) its top pick and also put a Buy rating on Talen Energy (TLN). Constellation Energy (CEG), NRG Energy (NRG) and PSEG (PEG) have strong tailwinds but these are priced into the stocks already, the analyst tells investors in a research note. Jefferies says that while data center transactions have been delayed, it still expects deals by 2025. The December PJM auction is the biggest sector risk around re-regulation, the firm adds.
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