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Citi Downgrades Constellation Energy Post-Meta Deal, Sees Limited Upside
Citi Downgrades Constellation Energy Post-Meta Deal, Sees Limited Upside
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Citi has downgraded Constellation Energy (CEG) from Buy to Neutral following its power purchase agreement with Meta, citing limited near-term upside after the stock's recent rally. Shares fell 2.6% in premarket trading as the market priced in the 20-year VIRTUAL PPA at Clinton nuclear plant.
The deal, set to commence in June 2027 at $70-$95/MWh, adds approximately $12/share in value but fails to provide a meaningful premium for nuclear power. Analyst Ryan Levine noted the absence of geographic proximity requirements as a distinctive feature, suggesting this transaction could reshape power contracting dynamics.
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