Guggenheim raised the firm’s price target on Constellation Energy (CEG) to $378 from $328 and keeps a Buy rating on the shares. The company’s “surprise” acquisition of Calpine is a “resource adequacy long call wrapped around potentially pivotal long-term contracting synergies,” the analyst tells investors in a research note. The firm views the deal as a “very strong transaction” at an attractive valuation that brings accretion to several core theses and is “very supportive” of its sector views around resource adequacy and the role of gas.
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