Ameren Corporation We Can’t Fight This Feeling Anymore: UG to OW; Data Center Growth, MO Very Constructive & Lower Political Risk, Transmission Wins, & Financial Flexibility

Research evidence excerpt

Ameren Corporation We Can’t Fight This Feeling Anymore: UG to OW; Data Center Growth, MO Very Constructive & Lower Political Risk, Transmission Wins, & Financial Flexibility

J P M O R G A N North America Equity Research

21 May 2026

Ameren Corporation

We Can’t Fight This Feeling Anymore: UG to OW; Data ▲Overweight

Center Growth, MO Very Constructive & Lower Political Previous: Neutral

Risk, Transmission Wins, & Financial Flexibility AEE, AEE US

Price (20 May 26):$108.69

▲Price Target (Dec-26):$126.00

Prior (Dec-26):$120.00

We upgrade AEE to Overweight from Neutral following our bullish AGA meeting. Head of North America Power,

With data center datapoints piling up, we have higher confidence in the company’s Utilities, Midstream, LNG, and

growth outlook and see the potential for the EPS CAGR to inflect higher. Nuclear

Moreover, recent transmission project wins accentuate this strong growth Jeremy Tonet, CFA AC

potential. Over the course of our recent NARUC and Commissioner meetings, we (1-212) 622-4915

have grown to appreciate MO’s very constructive regulatory environment, where jeremy.b.tonet@jpmorgan.com

large load tariffs, rate design, and SB4 implementation aid affordability and all Diana Niles

stakeholders. While IL rebased in recent years and remains steady, MO provides (1-212) 622-3328

diana.niles@jpmorgan.com

a relatively robust political backdrop (no gubernatorial election), absent the

Aidan C Kelly

headline risk and election noise pervading many states. Finally, Moody’s recently

(1-212) 622-4912

lowering the downgrade threshold provides incremental flexibility that leaves aidan.x.kelly@jpmchase.com

AEE’s balance sheet well positioned. Altogether, we find AEE a compelling story J.P. Morgan Securities LLC