Wells Fargo Downgrades IDACORP, Inc. (IDA) to Market Perform; Valuation Call... Fundamental Outlook Intact

Wells Fargo downgraded IDACORP, Inc. (NYSE: IDA) from Outperform to Market Perform with a price target range $42-$43 from $41-42.

Wells analyst says, "We continue to be attracted to IDA’s growing service territory, solid balance sheet and cash flow outlook and improving regulatory environment. In addition, we think the company is poised to raise the annual dividend rate of $1.20 per share, which has been stagnant for roughly eight years. Our Market Perform rating primarily reflects valuation considerations as shares trade roughly in-line with Small-Cap Regulated Electric peers on 12E-14E EPS...We are maintaining our 11E-14E EPS of $2.87, $3.05, $3.10 and $3.20, respectively."

For more ratings news on IDACORP, Inc. click here and for the rating history of IDACORP, Inc. click here.

Shares of IDACORP, Inc. closed at $40.63 yesterday.

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