NiSource Stock Gains Mizuho Backing After Major Energy Deals with Amazon and Alphabet

Amid the accelerating race to secure energy infrastructure for artificial intelligence, NiSource has emerged as a key player in the utilities sector. Mizuho reiterated an Outperform rating and a $52.00 price target for the company following its announcement of new data center energy agreements with tech giants Alphabet and Amazon. Consequently, management raised its long-term adjusted EPS CAGR guidance to a range of 9-10% through 2033.

This development comes as utility companies experience a surge in demand from data centers, with NiSource competing alongside peers like Constellation Energy and Vistra, which have seen record stock gains this year. Per market data, raising growth guidance to 10% places NiSource in the upper echelon of growth within the regulated utility space, supported by a signed capacity reaching 4GW. Analysts suggest that the partnership with Amazon and Alphabet solidifies the company's long-term cash flow stability.

Investors are monitoring NI stock performance at current levels, focusing on the sustainability of capital expenditure required to fulfill these massive contracts. Looking at the economic calendar, traders are awaiting Fed Chair Powell's speech on May 31, 2026, which could impact borrowing costs for capital-intensive utilities. Additionally, the ISM Manufacturing PMI release on June 1, 2026, will be closely watched for broader signals on US economic activity.