Jefferies lowers PT on utility Constellation Energy

Jefferies cuts price target on U.S.-based utility Constellation Energy CEG.O to $223 from $274

New price target represents a marginal upside to the stock's last close

Brokerage says despite CEG shares being down nearly 30% from mid-February, it still views the stock as pricey

Maintains "hold" rating as CEG prices in more than its peers, while the likelihood of upside from nuclear data center contracts is diminishing due to political focus on affordability and reliability

"Investors are closely eyeing developments for clues in the Federal Energy Regulatory Commission (FERC) co-location docket which is expected to take months for clarity" - Jefferies

13 of 17 brokerages rate the stock "buy" or higher, 4 "hold"; median PT is $291 - data compiled by LSEG

Up till last close, stock down 8% YTD