JPMorgan Upgrades Ameren, Citing Data Center Power Deals

CNBC reported Thursday that JPMorgan has upgraded Ameren Corporation (NYSE: AEE) to overweight from neutral, pointing to the utility’s growing role as an electricity provider for the data center industry.

JPMorgan Raises Price Target by $6

Alongside the ratings upgrade, JPMorgan analyst Jeremy Tonet lifted his price target on Ameren shares to $126 from $120. That revised target implies roughly 16% upside from the stock’s Wednesday closing price. Tonet told clients that accumulating data center-related developments had increased his confidence in Ameren’s growth trajectory. He suggested the company’s earnings-per-share compound annual growth rate could accelerate from here.

Ameren shares have already gained approximately 9% in 2026. The upgrade adds institutional weight to a stock that has quietly outperformed broader utility sector expectations this year.

Missouri Regulations Stand Out

Ameren has secured electricity supply agreements with data center operators across both Illinois and Missouri. Tonet flagged Missouri as the more compelling opportunity of the two. The state’s regulatory framework includes large load tariffs and rate structures that he argues protect affordability across all customer classes.

Tonet also highlighted Missouri’s relative political stability. With no gubernatorial election on the horizon, the state lacks the headline risk and policy uncertainty that he said is clouding the backdrop for utilities in many other jurisdictions. Illinois, by contrast, has undergone a regulatory reset in recent years and now offers a steadier but less dynamic environment.

Background: Utilities and the AI Power Build-Out

The broader context is well established. Data center electricity demand has surged as hyperscalers and AI infrastructure developers race to expand capacity. That dynamic has reshaped investment cases for regional utilities sitting near major buildout zones. Ameren’s service territory, spanning the industrial Midwest, places it squarely in the path of that demand wave.

Utility analysts have increasingly split between those who view the load growth as transformational and those who remain cautious about execution risk and regulatory lag. That divide is visible in Ameren’s current coverage universe.

Analyst Community Remains Divided

According to LSEG data cited by CNBC, 18 analysts cover Ameren at present. Nine carry a buy or strong buy rating. The remaining nine hold a neutral stance. JPMorgan’s move shifts the tone but does not yet break the deadlock. Whether further data center contract announcements can push more analysts off the fence may determine the stock’s next leg.

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