Mizuho Reiterates Outperform Rating on IDACORP, Inc. (IDA)

Mizuho analyst Anthony Crowdell reiterated an Outperform rating and $120.00 price target on IDACORP, Inc. (NYSE: IDA).

The analyst commented: "We believe IDA will have an interesting 4Q24 update following the conclusion of their Idaho rate case late last year. IDA is expected to release 2025 EPS guidance on their call, as well as update their rate base and capex/financing guidance to include 2029. As we highlighted in our note following the conclusion of the rate case, we believe it is likely the company updates the rate base guidance methodology to utilize 13-month average monthly average (AMA) (consistent with the rate case order) in the final year of their range as opposed to period end, potentially resulting in a lower CAGR than the previous 16.9%. We noted that if IDA had used the 2027-2028 average (~$8.9bn) as opposed to 2028 period end (~$9.2bn) in the previous update the CAGR from the 2023 average of ~4.2bn would have been 16.2%. We reiterate estimates and $120 PT."

For an analyst ratings summary and ratings history on IDACORP, Inc. click here. For more ratings news on IDACORP, Inc. click here.

Shares of IDACORP, Inc. closed at $107.45 yesterday.

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