Mizuho has adjusted its price objective for Alliant Energy to $73 from $70 while retaining a Neutral stance on the utility's shares. The firm signaled that valuation remains the primary reason for not upgrading the rating.
Alliant Energy reported full-year 2025 earnings per share of $3.22, narrowly above the Street estimate of $3.21. Management attributed the result to higher revenue requirements tied to an expanding rate base and to favorable weather, which were partly offset by increased operations and maintenance expenses and higher generation development costs.
The company, with a market value of $18.26 billion, is trading at $71.01, close to its 52-week high of $72.25, and yields roughly 3% from dividends. The company has increased its dividend for 22 consecutive years, a record observers note as evidence of a steady shareholder return policy.
Alliant Energy reiterated its 2026 EPS guidance range of $3.36 to $3.46 and maintained a long-term EPS compound annual growth rate target of 5% to 7% or higher. Management also projects that earnings will reach or exceed the high end of guidance for the 2027-2029 period.
On the development front, Alliant Energy currently includes 3 gigawatts in its active plan. Construction has begun on three of four projects that have signed energy service agreements. The company also signed an energy service agreement for a second QTS project in Iowa and reports 2 to 4 gigawatts of additional load under active negotiation.
Operational and political considerations are on the near-term horizon. The company has several active regulatory dockets this year and will operate against the backdrop of governor elections in each of its jurisdictions, events that can influence regulatory outcomes and timelines.
Mizuho maintained its Neutral rating primarily on valuation grounds. Analysis cited in coverage indicates the stock appears overvalued relative to its fair value, with a price-to-earnings ratio of 22.61 noted in the assessment.
Recent quarterly results provide further context for the outlook. In the fourth quarter of 2025, Alliant Energy reported EPS of $0.60, topping a forecast of $0.5714 and representing a 5.01% positive earnings surprise. Revenue for the quarter came in at $1.06 billion, about 16% above expectations, highlighting stronger top-line performance in the recent period.
Investors and analysts will be watching how the company balances growth from its project pipeline and rate-base expansion against higher operating costs and regulatory activity. Valuation metrics and near-term political and regulatory developments are likely to remain focal points for market participants evaluating the stock.