Constellation Energy initiated with a Neutral at Citi

Citi analyst Ryan Levine initiated coverage of Constellation Energy with a Neutral rating and $284 price target The firm has a “cautious view” of Constellation, saying behind-the-meter power deal execution may disappoint Street expectations and Crane will restart but on a delayed schedule. The company’s free cash flow outlook has “derisked downside and uncapped upside” tied to power prices and commercial activity, the analyst tells investors in a research note.