UBS Reaffirms Buy Rating for Evergy (EVRG), Sees Growth Boost from Data Centers

Evergy Inc. (NASDAQ:EVRG) ranks among the top picks for a retirement portfolio. UBS maintained its Buy rating and $81 price target for Evergy, Inc. (NASDAQ:EVRG) on September 19. Analyst William Appicelli believes that at its fourth quarter update, Evergy could boost its growth rate from the current 4-6% to 6-8%.

UBS attributed its higher capital expenditure projections and higher earnings per share estimates to the anticipated generation capacity to handle about 2GW of additional load from data centers.

According to UBS, Evergy, Inc. (NASDAQ:EVRG) is wrapping up deals for two major data center projects, with the possibility of further projects that might result in a capital expenditure of about $5 billion.

Evergy, Inc. (NASDAQ:EVRG), formed in 2018 from the merger of Great Plains Energy and Westar Energy, provides 16,000 megawatts of generating capacity across more than 40 power plants, serving 1.7 million customers in Kansas and Missouri.

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Disclosure: None. This article is originally published at Insider Monkey.