RBC Capital Markets is adopting a bullish stance on Evergy from here. The bank initiated the utility stock with an outperform rating. Analyst Stephen D’Ambrisi also set a price target of $93, implying that shares of Evergy could rise 19% from their current level. D’Ambrisi highlighted an incoming increase in load growth, aided by the progress Evergy has made in improving the regulatory climate in both Kansas and Missouri. This climate has been a historical overhang on valuation as well as a source of earnings volatility, the analyst wrote. EVRG YTD mountain EVRG YTD chart “We believe EVRG has made significant strides in modernizing their regulatory frameworks, and is on the cusp of announcing significant additional large load service agreements which we expect to inflect EVRG’s load growth and capital budget meaningfully higher,” he added. “Given the large opportunity set relative to the size of the company, we believe EVRG has the best torque under coverage to large load announcements.” To aid this growth, the analyst sees the potential for the company to add around $3 billion of additional capital expenditures into its current financial plan. Evergy releases its third-quarter earnings on Thursday, Nov. 6. D’Ambrisi sees a four-year earnings compound annual growth rate of 7.8% through 2029, which he said is materially above current guidance. “We see the potential for further positive estimate revisions well above the range, especially as we move into the out years of the five-year plan,” the analyst added. “We also see the potential for an explicit increase in EVRG’s stated EPS CAGR target, but believe that potential revision will not come until 4Q25 at the earliest.” The stock has surged 27% in 2025. ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
This utility stock has been on fire this year, and RBC sees nearly 20% more upside
