UPDATE: Citi Raises PT on Constellation Energy Group to $38 (CEG)

Citi is out with its report today on Constellation Energy Group (NYSE: CEG), raising its PT from $35 to $38.

In a note to clients, Citi writes, "Our new target price per share for CEG is raised to $38 from $35 translating into an ETR of 27% - supporting our continued Buy rating. Our target price includes marking to market commodity prices. We view CEG as a relatively rare Buy within the fairly priced integrated subgroup."

Shares of CEG closed Tuesday at $30.86, down 0.58% from Monday's close.