Constellation Energy price target raised to $307 from $230 at UBS

UBS raised the firm’s price target on Constellation Energy (CEG) to $307 from $230 and keeps a Buy rating on the shares. On September 20, Constellation announced a contract with Microsoft (MSFT) to provide long-term, dedicated power from the restarted Crane plant, and the broad implications from Friday’s announcement are a reaffirmation of the demand for power from large technology companies and the willingness to pay up for access to large quantities of clean energy, the analyst tells investors in a research note. This is another signaling event in the power demand thesis that demonstrates very supportive fundamental backdrop for power, the firm says.