These brokerage firms are cautious regarding investment in CEG and do not recommend purchase of CEG shares until concerns over Constellation's capital and liquidity positions are resolved. Given the level of uncertainty and execution risk, the firms expect CEG shares to remain at below-average valuations for some time. They believe its current below-average valuations are appropriate pending additional details as to the future earnings power of the Company and approval of the EDF joint venture. While CEG valuation appears attractive, the firms remain concerned about its long term earnings and cash flow mix. According to the firms, the greatest concern includes the $700.0 million negative value transfer to the pending joint venture with EDF.