We raise our 12-month price target by $1 to $82, 19.1x our 2026 EPS estimate (up $0.02 to $4.30; 2025 estimate down $0.01 to $4.02), a discount to electric utilities peers based on a weaker growth trajectory. On a compounded annual basis from 2025 to 2028, we anticipate near 6.5% EPS and 5.0% dividend growth. Data centers and other large electricity customers remain key for EVRG's long-term 15GW+ pipeline, which remained intact from Q2. Despite a Q3 EPS miss, EVRG maintained its 2%-3% load growth guidance from 2024 to 2029, along with a $17.5B capex plan and 8.5% projected rate base CAGR in the same period. Management also indicated a potential increase in load growth to 4%-5% depending on pending deals, and we expect a more comprehensive update during Q4 earnings early next year. Shares yield 3.7% based on projected 2026 dividends.

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