Alliant Energy (LNT) shares are in focus after the utility reported first quarter 2026 earnings and reaffirmed its full year earnings guidance, giving investors fresh data on revenue, profits, and ongoing EPS expectations.

The first quarter earnings and reaffirmed 2026 EPS guidance come after a period where the share price has a year to date gain of 10.67%, while the 1 year total shareholder return is 23.83%, suggesting that momentum has been building rather than fading.

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With the stock up 10.67% year to date and trading about 8.8% below the average analyst price target, plus ongoing EPS guidance reaffirmed, it is worth considering whether Alliant Energy is still mispriced or if the market is already banking on future growth.

Most Popular Narrative: 5.8% Undervalued

Against a last close of $72.59, the most followed narrative puts Alliant Energy's fair value at $77.09, suggesting some remaining upside based on long term assumptions.

The accelerating construction and onboarding of large scale data centers in Alliant's Midwest service areas highlight a strong, sustained uptick in electricity demand, directly linked to population and economic growth in the region, which is expected to drive significant increases in revenue and top line growth over the next several years.

Curious what kind of revenue path and profit margins have to line up to support that fair value, and how much growth is already baked in, the full narrative lays out the numbers in a way that shows exactly which assumptions matter most for Alliant Energy's $77.09 estimate.

Result: Fair Value of $77.09 (UNDERVALUED)

However, this hinges on large data center projects arriving as planned, while any setbacks on equity funded spending or rate approvals could quickly chip away at that fair value story.

Another View: Valuation Looks Full On P/E

Analysts see Alliant Energy as 5.8% undervalued at a fair value of $77.09, but the current P/E of 22.8x tells a different story. That multiple sits above both the US Electric Utilities industry at 21.6x and a fair ratio of 22.8x, which points to limited margin of safety if expectations slip.

For a closer look at what this price tag implies compared with peers and the fair ratio the market could move toward, See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

The data so far presents mixed messages, with both risks and rewards in play. Use this moment to review the details yourself and weigh the 2 key rewards and 2 important warning signs.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.