BUZZ-TD Cowen initiates coverage on utilities citing higher power demand

TD Cowen has initiated coverage on utilities, highlighting increased power demand from data centers and AI. The firm sees opportunities in Calpine's integration and expects Constellation Energy to secure contracts through 2026. Entergy's EPS is projected to grow 10.5% by 2030, driven by industrial demand. While offshore wind policy poses risks for Dominion, Virginia's data center growth is expected to sustain demand. Consolidated Edison is viewed as a defensive utility, though AI growth may lessen this defensiveness. Price targets include Constellation at $440 (buy), Entergy at $108 (buy), Dominion at $65 (hold), and Consolidated Edison at $105 (hold).