Constellation Energy price target lowered to $200 from $240 at Argus

Argus lowered the firm’s price target on Constellation Energy to $200 from $240 but keeps a Buy rating on the shares. The firm views Constellation Energy as a well-run, financially strong company that has an impressive history and valuable presence in its emerging industry, adding that it sees the company being poised to take advantage of the global transition to carbon-free energy, the analyst tells investors in a research note. Argus adds that in the near-term, Constellation Energy results have been encouraging as electricity demand increases from data centers empowering AI, though on valuation basiss, the stock is trading at “high multiples”.