[ad_1]
You don’t have to be in the artificial intelligence business to see your stock become a nuclear stock.
The storied company’s stock rose further into record territory Wednesday, a day after setting a record single-day gain, vaulting it to the top of the S&P 500 index’s SPX index’s list of February’s best performers.
The rally has outpaced the stock of emerging economy darling and AI startup Nvidia.
NVDA
,
It fell 0.6% in afternoon trading on Wednesday, ranking third after a 27.2% rise in February.Ralph Lauren stock
R.L.
rose 0.7%, ranking second this month with a 28% rise.
Meanwhile, Constellation Energy Corp. stock is
C.E.G.
It rose 7.4% on Wednesday and jumped 37.1% in February.
And since Constellation Energy completed its separation from Exelon Corp.
EXC
On January 19, 2022, it skyrocketed by 298.3%. Nvidia stock rose 212.2% during the same period.
Constellation Energy has a market capitalization of $53.4 billion (NVIDIA’s market cap is just under $2 trillion) and bills itself as the largest carbon-free energy producer in the United States, combining nuclear, wind, solar, and hydropower resources.
Some see some connection between the trajectories of AI and clean energy stocks, as AI could help develop technologies that make power grids more efficient and reduce emissions as power demand rises. There is.
Constellation stock rose to 16.9 on Tuesday after the company reported fourth-quarter earnings and revenue that fell short of Wall Street expectations but beat expectations for 2024 revenue guidance. % hit an all-time high.
After downgrading CEG to sector weight eight months ago, KeyBanc Capital analyst Sophie Karp upgraded CEG to overweight on Wednesday, setting a price target of $190. That makes Karp the most bullish of the 12 analysts covering the stock surveyed by FactSet.
For reference, 59 analysts cover Nvidia.
Karp said the quarterly results and discussions with management “crystallized” Constellation’s growth strategy, powered by the existing nuclear production tax credit, which will remain in place after this year’s presidential election. He said he believed that.
“As a reminder, CEG’s downgrade was due to a lack of an identifiable catalyst at the time,” Karp wrote in a note to clients. “However, CEG has presented a compelling growth algorithm, backed by existing policy frameworks and trends. This gives us greater clarity and makes CEG one of the premium infrastructure names in our coverage.” I believe we can establish a solid position.”
[ad_2]
Source link
