Constellation Energy: Buy The Pullback Before Data Center Deals Arrive

Constellation Energy Corporation is a Buy after a 20% YTD decline, with fundamentals improving and unique nuclear assets underpinning long-term value. Q1 2026 saw strong results: $2.74 adjusted EPS (vs. $2.53 consensus) and $11.1B revenue (vs. $8.6B), boosted by the Calpine acquisition. 2026 EPS guidance was reaffirmed at $11.00–$12.00, with 2027 base EPS guidance appearing conservative and not reflecting potential data center PPAs.