** TD Cowen initiates coverage on utilities citing higher power demand, especially from data centers, AI and large industrial loads
** Says Calpine integration provides a compelling opportunity for contracting and deals will continue to be signed through 2026 for Constellation Energy CEG.O
** Expects Entergy ETR.N EPS to grow 10.5% through 2030, with potential upside, supported by high load growth from industrial and data center customers
** Views offshore wind policy risk as a key overhang for Dominion D.N, but also expects Virginia's data center-driven load growth to support sustained demand
** Sees Consolidated Edison ED.N as a "uniquely defensive utility", but expects defensiveness to matter less if AI-led upside continues
Brokerage's price targets and ratings:
COMPANY | PRICE TARGET | RATING |
Constellation Energy CEG.O | $440 | "buy" |
Dominion Energy D.N | $65 | "hold" |
Entergy ETR.N | $108 | "buy" |
Consolidated Edison ED.N | $105 | "hold" |
(Reporting by Dharna Bafna in Bengaluru)
((Dharna.bafna@thomsonreuters.com))