Evergy (EVRG) growth outlook is becoming more tempered as much of the recent momentum is now reflected in the stock, UBS Securities said Friday in a report.

Evergy plans to lift its long-term earnings growth rate to 6% to 8% and raise its rate-base growth target to around 10% through 2029, though these improvements will take time to be realized, the report said. Much of the near-term optimism, including strong regulatory outcomes and last year's share-price gains, is already priced in, UBS said.

Data-center development remains a meaningful prospect, with potential to lift sales growth to 4% to 5% if Evergy successfully executes new electric-service agreements, UBS said. Still, the company's pivot toward large-load customers is a multiyear effort rather than an immediate catalyst, the report said.

UBS cut its rating on Evergy stock to neutral from buy and raised its price target to $88 from $86.

Q4 results are due on Thursday.

Price: 82.42, Change: +1.73, Percent Change: +2.14