Morgan Stanley Upgrades IDACORP, Inc. (IDA) to Overweight

Morgan Stanley analyst David Arcaro upgraded IDACORP, Inc. (NYSE: IDA) from Equalweight to Overweight with a price target of $139.00 (from $137.00).

The analyst comments: "We are upgrading IDA to OW (from EW), with a Price Target of $139/share (+10% upside). IDA's load growth opportunity has surprised us to the upside and we see further potential ahead. Already underpinned by one of the best growth profiles in the industry (+16% rate base CAGR), there are still opportunities to add to the outlook: the second Micron fab along with increased mining load and multiple potential data center customers could drive even faster load growth and require new gas plant capacity in the early 2030s. We also see reduced regulatory risk after the current rate case settlement (the stock screens positive on our affordability risk screens later in this report), lower concerns on regulatory lag as large loads begin to ramp up next year, and a more balanced equity issuance outlook."

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 $126.47 yesterday.

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