Morgan Stanley Raises CEG Price Target to $378
Key Points
- Morgan Stanley reiterated an Overweight rating on Constellation Energy Corporation on October 21, 2026, while increasing its price target to $378.00 from $369.00.
- Morgan Stanley's $378 price target implies 39.66% upside from Constellation Energy Corporation's ($CEG) current $270.65 share price.
- The stock traded around $271.57 recently, sitting below its 50-day moving average of $275.56 and ahead of its upcoming earnings report on November 9, 2026.
- Other institutional filings show major holders adjusting stakes, including Capital International Investors holding 12,657,149 shares worth about $3.44 billion.
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On October 21, 2026, Morgan Stanley maintained its Overweight rating on Constellation Energy Corporation while lifting its price target from $369.00 to $378.00. The update was issued in a research note on the same day the stock closed at $272.15.
CEG
Constellation Energy Corporation
Morgan Stanley vs. the S&P 500
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Morgan Stanley's Call on Constellation Energy
In its October 21, 2026 report, Morgan Stanley kept its Overweight rating on Constellation Energy Corporation and bumped up its target by $9.00 from a previous level of $369.00. This follows a series of earlier adjustments by the firm, including a move to $369.00 on September 18, 2026, and $364.00 on August 21, 2026. Other Wall Street firms have also weighed in recently, such as Bernstein reiterating an Outperform rating with a $296.00 target on October 6, 2026, and CIBC initiating coverage with an Outperformer rating and a $358.00 target on October 16, 2026. Overall, the stock carries a consensus buy recommendation from 22 analyst opinions, with a mean price target of $337.57.
Other Institutional Activity in Constellation Energy
Large investment firms have been actively rebalancing their holdings in Constellation Energy Corporation. Capital International Investors grew its holdings by 1,048,281 shares, ending with 12,657,149 shares worth about $3.44 billion. At the same time, ECP ControlCo, LLC reduced its stake by 7,673,379 shares, leaving it with 14,370,227 shares valued at roughly $3.91 billion based on filings for the period ended June 30, 2026.
Constellation Energy Corporation Stock Down 0.3%
Constellation Energy Corporation recently traded around $271.57 as of October 21, 2026, down about 0.2% from its event-day close of $272.15. The shares sit below their 50-day moving average of $275.56 and below the 200-day moving average of $283.76. The stock's 52-week trading range spans from a low of $228.63 to a high of $406.04.
$CEG price target
Constellation Energy Corporation daily closes and this analyst's $378 target. Not advice.
Recent Earnings
Constellation Energy Corporation reported trailing twelve-month revenue of $31.27 billion alongside earnings of $9.92 per share. The company posted a net profit margin of 11.1% and a return on equity of 15.1%. The next quarterly financial update is scheduled for November 9, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
1 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 5.7%. Revenue beat estimates by 26.3%.
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Profit surprise
EBITDA beat by 14 percent. Operating income missed by 49 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
1 target raise.
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Earnings quality
Gross margin up 30.2 points. Operating margin up 14.2 points. Positive free cash flow.
Earnings Call Summary
Constellation delivered a strong first quarter, earning $2.74 per share in adjusted operating earnings, mostly from Calpine accretion and higher capacity prices in PJM. The company also repurchased $335 million of stock at an average price of $285 per share. Management emphasized that regulatory clarity in PJM on large data center connections is expected by year end, which should unlock substantial customer contracting that has been paused pending those rules.
Guidance The company reaffirmed its full year earnings guidance of $11 to $12 per share. Management highlighted free cash flow of $8.4 billion across 2026 and 2027, with further growth to $11.5 billion to $13 billion in 2028 and 2029 before optional upside levers.
Good report. The company beat and showed some forward improvement, with a few meaningful caveats.
Dividend
The company pays an annual dividend rate of $1.71 per share, translating to a dividend yield of 0.65%. This payout is supported by a dividend payout ratio of 15.9%.
Insider Buying and Selling at Constellation Energy Corporation
Director Roger W Crandall purchased 1,500 shares on August 11, 2026, at an average price of $278.62, bringing the total transaction value to $417,931.
About Constellation Energy
Headquartered in Baltimore, Maryland, Constellation Energy Corporation generates and sells electricity, natural gas, and sustainable energy products across the United States. It operates a massive portfolio of nuclear, wind, solar, natural gas, and hydroelectric generation assets totaling approximately 31,676 megawatts of capacity. The company serves various power regions, catering to commercial and industrial energy needs.
Bottom Line
Investors will look ahead to the company's upcoming earnings report on November 9, 2026, for further insight into its operational performance. Wall Street continues to monitor the utility provider closely as energy demand shifts across its core operating regions.
Related Filing Alerts
Source: Morgan Stanley's rating change on $CEG (Oct 21, 2026). Written by software, not financial advice. How we make alerts