B of A Securities analyst Ross Fowler has upgraded Black Hills from Neutral to Buy, raising the price target to $78 from $76. The revised rating reflects increased confidence in the company's performance prospects.

Rating and Price Target Changes

The upgrade moves the stock from a Neutral stance to a Buy recommendation. Concurrently, the price objective was increased by $2, setting a new target of $78.

Black Hills Corp. is advancing a proposed 1.8-gigawatt data center project in Cheyenne, Wyoming, with service tracking to begin in early 2028. The company continues to work directly with the large-load customer to deliver the infrastructure necessary for their long-term energy needs. While Crusoe is no longer the development partner for this project, the initiative remains on schedule and represents a significant opportunity for the company.

"We remain committed to supporting the project's data center customer and delivering the infrastructure necessary to meet their long-term energy needs," said Linn Evans, president and CEO of Black Hills Corp. "The 1.8-gigawatt project has not been paused and continues to represent a significant opportunity for the company. Our efforts remain fully directed toward successfully delivering the project."

In April 2026, the company's electric utility subsidiary in Wyoming entered into an agreement to procure long lead-time generation equipment with the prospective customer. The project is expected to be served under the Wyoming utility's Large Power Contract Service Tariff. To date, the customer has provided over $200 million in refundable contributions in aid of construction to support milestone payments for securing generation equipment.

Key Developments

The project has seen several regulatory and contractual milestones in recent months:

• January 2026: Filed a Certificate of Public Convenience and Necessity (CPCN) for a substation to support the project.
• April 2026: Executed a substation agreement with the large-load customer.
• April 2026: Entered into an agreement to procure long lead-time generation equipment.

Black Hills Corp. is a customer-focused, growth-oriented utility company based in Rapid City, South Dakota. The company serves 1.37 million natural gas and electric utility customers across eight states, including Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming.