Wolfe Research has adjusted its valuation on Alliant Energy by raising the stock price target to $78 from $76 and reiterating an Outperform rating. The shares trade near their 52-week high and have recorded solid year-to-date gains.
Company results for 2025 were in line with Wolfe Research's expectations, and management reaffirmed guidance for 2026. The firm also left intact the companys projection for a compound annual growth rate in earnings per share of more than 7% across the 2027-2029 period.
Alliant Energy remains attractive to income-focused investors, having increased its dividend for 22 consecutive years and currently offering a yield of approximately 3%. Capital expenditure and rate base growth forecasts were not altered after the relocation of a QTS data center to Iowa, and the utility signaled ongoing efforts to capture incremental load.
Wolfe Research highlighted that Alliant Energy is in active negotiations over roughly 2 to 4 gigawatts of potential additional load. The firm said those discussions could create upside to the companys existing projections, and reiterated its Outperform view alongside the modestly raised price target.
In the most recent quarter, Alliant reported fourth-quarter 2025 earnings per share of $0.60, beating a forecast of $0.5714 for an earnings surprise of 5.01%. Revenue for the quarter came in at $1.06 billion, about 16% higher than anticipated. For the full year 2025, reported EPS was $3.22, slightly above the consensus estimate of $3.21.
Company commentary attributed the stronger-than-expected results to higher revenue requirements driven by an expanding rate base and to favorable weather, while noting that those gains were partially offset by higher operations and maintenance costs.
Separately, Mizuho raised its price target on Alliant Energy to $73 from $70 while retaining a Neutral rating, reflecting broader analyst attention to the utility's financial trajectory.
Market context and stock performance
The shares are trading near recent highs, with a year-to-date increase of roughly 10% and a current price in the low $70s. Analysts point to the combination of regulated rate-base growth, dividend continuity, and prospective large-scale load additions as key factors informing their outlooks.
What remains clear
Alliant Energy's near-term guidance and multi-year EPS growth target remain intact, capital plan assumptions have not changed following the data center relocation, and active negotiations over material additional load are ongoing and could influence future projections.