Exelon Could Reach $58 by End of 2026 as AI Data Center Demand Fuels 26% Load Growth in Illinois

Core Viewpoint - Exelon (EXC) is projected to reach a price target of $58 by the end of 2026, driven by a 26% compound annual growth rate (CAGR) in data center load growth in northern Illinois and a favorable Pennsylvania rate case outcome [2][5][6]. Group 1: Financial Projections - Exelon has a 19 GW load pipeline, with 45% secured through Transmission Security Agreements, supporting its growth strategy [2][6]. - The company targets operating EPS of $2.81 to $2.91 for 2026, with a transmission rate base expected to grow at approximately 15% CAGR [2][8]. - Citi's price target implies a 22% upside from current levels, with the stock currently trading at $48.27 [4][5]. Group 2: Key Drivers - The primary drivers for Exelon's stock performance include data center spending, a constructive Pennsylvania rate case, and the execution of its data center pipeline [3][6]. - A favorable outcome in the Pennsylvania rate case could unlock additional distribution earnings, reinforcing the EPS CAGR target of 5-7% through 2029 [11]. - Exelon has identified $12-$17 billion in transmission opportunities beyond its current $41.3 billion capital plan, which supports both dividend growth and capital appreciation [11].