Analysts Split on Constellation Energy’s Upside as Nuclear Fleet Becomes Sought‑After Power Source

Overview

• Two major firms launched coverage in mid‑June with opposite stances: Bernstein rated Constellation Outperform with a $296 target and Goldman Sachs began coverage with a Neutral rating and a $305 target.
• Both firms agree the company’s roughly 22 gigawatts of nuclear capacity makes it a prime supplier for hyperscale data centers that need steady, low‑carbon power.
• Goldman argues the stock trades at a clear premium to peers, noting about a three‑turn gap versus Vistra on FY2 EV/EBITDA, with EV/EBITDA being a common valuation metric that compares enterprise value to operating profit.
• The market has pushed the stock lower year‑to‑date by about 25 percent while analysts’ average 12‑month target implies roughly 34 percent upside from current levels, which underpins the rebound thesis for investors.
• Bernstein frames Constellation’s regulated businesses and growing renewables as stabilizing features in a broader U.S. energy shift toward cleaner power, a dynamic that could change how large customers negotiate power‑purchase agreements and shape future grid investment.