** Shares of utility Constellation Energy CEG.O up 1% at $274.05 premarket

** Barclays reinstates coverage on CEG with "overweight" rating, PT is $356

** New PT represents a 31.2% upside to the stock's last close

** Brokerage says "power is still key to enabling the data center economy"

** Sees CEG offering investors thematic exposure to nuclear contracting, despite a softer start to 2026

** Brokerage sees CEG upside beyond large-load contracts as an independent power producer

** 15 of 20 brokerages rate the stock "buy" or higher and five "hold"; median PT is $405- data compiled by LSEG

** In 2025, CEG was up ~58%

(Reporting by Dharna Bafna in Bengaluru)

((Dharna.bafna@thomsonreuters.com))