Wells Fargo Upgrades IDACORP, Inc. (IDA) to Outperform; Current Valuation Discounts Excessive

Wells Fargo upgraded IDACORP, Inc. (NYSE: IDA) from Market Perform to Outperform with a price target range $40-45.

Analyst, Sarah Akers, said, "We are upgrading IDA as the current valuation discounts are excessive, in our view. Further, we continue to be encouraged by regulatory developments in Idaho, and IDA’s near-term earnings visibility, solid balance sheet and service territory growth trends remain attractive...Our ‘12-16E EPS are $3.05, $3.20, $3.30, $3.35 & $3.50, respectively. Consistent with Idaho Power’s rate settlement, our ‘12-14E EPS are based on earned ROEs of 9.5% on year-end Idaho-jurisdictional equity. We assume ADITC usage of $2MM, $16.5MM and $25MM in ’12-14, respectively..."

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 $40.45 yesterday.

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