As previously reported, BofA analyst Ross Fowler upgraded Idacorp (IDA) to Buy from Neutral with a price target of $117, up from $113, after Q3 earnings and the company’s announcement of increased five-year load growth expectations of 7.7% in the preliminary 2025 Integrated Resource Plan. Forecasted rate base growth increased to about 17% from about 11%, which the firm identifies as “well above average broader electric peers.” The five-year capex plan increased 46% in total, with over $1B of the increase attributable to inclusion of new generation projects from 2026/2027 RFP commitments, which the firm “conservatively” sees translating to about an 8% EPS compound annual growth rate off of 2024.
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Read More on IDA:
- Idacorp upgraded to Buy from Neutral at BofA
- Idacorp upgraded to Outperform from Neutral at Mizuho
- IDACORP Reports Strong Q3 Results and Guidance Boost
- IdaCorp Reports Strong Q3 2024 with Earnings Growth
- Idacorp reports Q3 EPS $2.12, consensus $2.18
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