Citi downgrades Constellation Energy after securing a 20-year nuclear power deal with Meta. The investment bank believes there’s limited near-term upside for the stock. Citi also downgraded the outlook for Constellation Brands from Buy to Neutral.

Facebook parent Meta announced an unprecedented deal with Constellation Energy, the largest American nuclear power plant operator, cementing Meta’s turn to turn to nuclear energy to power its energy intensive, generative artificial intelligence initiatives, and sending Constellation shares surging.

Constellation Energy Corp. and Meta recently inked a 20-year power purchase agreement that will enable the Clinton Clean Energy Center to continue to flow emissions-free power onto the local grid. “We are proud to partner