Citigroup recently raised its target price for U.S. electric utility company Evergy, Inc. (EVRG.US) from $79 to $89, maintaining a "Buy" rating. The bank highlighted that the company's Q3 earnings call provided greater clarity on its expanding data center load.

Evergy, Inc. primarily engages in power supply, transmission, and renewable energy generation, serving approximately 1.7 million customers in Kansas and Missouri through its subsidiaries with clean, reliable, and secure energy.

In its Q3 2025 earnings release, Evergy reported continued progress with two major data center clients and announced multiple service agreements totaling around $200 million, backed by funding commitments from these customers. The company expects these projects to generate peak demand of approximately 600 megawatts by 2029, prompting an upward revision in its overall load growth forecast to a compound annual growth rate of 4%-5%.

Additionally, Evergy added a third data center project, demonstrating significant progress in early-stage agreements and expansion efforts. The company also narrowed its 2025 adjusted EPS guidance range to $3.92–$4.02, citing "cooler-than-normal summer temperatures" as a performance dampener.

Management emphasized that long-term fundamentals remain strong, supported by what it calls a "generational economic development opportunity" and the necessary investments to achieve this growth. Furthermore, on November 6, Evergy announced a 4% quarterly dividend increase, marking its 20th consecutive year of dividend growth.