Citi Upgrades Constellation Energy Group (CEG)

Citi Investment Research upgraded shares of Constellation Energy Group, Inc. CEG to Buy and raised its price target to $35 from $33 to go along with the upgrade. In a note sent to clients, Citi writes, "Since EDF and Constellation elected to part ways, CEG's share price has underperformed integrated peers by ~6.0%, roughly matching EDF's 6.7% ownership stake. We now believe EDF's exit may lead to subsequent outperformance, similar to PPL's equity issuance earlier in 2010. In that instance, PPL stock outperformed its integrated peers after the technical hurdle had been cleared." Shares of CEG gained 81 cents yesterday to close at $29.62.