Constellation Energy price target raised to $185 from $175 at Wells Fargo

Wells Fargo raised the firm’s price target on Constellation Energy to $185 from $175 and keeps an Overweight rating on the shares. The firm cites modestly higher long-term enhanced earnings, which can be generated via power prices above the PTC level, retail power margins, and unique hedging strategies enabled by the PTC. Wells’ 2025-2030 EPS outlook results in a strong 14% CAGR off of the 2024 base guidance midpoint and assumes free cash flow is used to buy back shares.