KeyBanc Downgrades IDACORP, Inc. (IDA) to Hold; Price Target Surpassed

KeyBanc downgraded IDACORP, Inc. (NYSE: IDA) from Buy to Hold.

KeyBanc analyst says, "Shares of IDACORP, Inc. have surpassed our previous price target of $38.50 per share. Since our October 1, 2010 upgrade, shares haveappreciated 11.9%, outperforming the Philadelphia Utility Index (UTY), whic is op 6.6%. We believe shares have benefited from IDA's settlement allowing a 9.5% ROE floor on an equity balance enhanced by favorable tax strategies. Looking past the December 31, 2011 settlement expiration, we believe IDA may need to work within the boundaries of a more traditional regulatory framework, which we view as carrying higher risk. Given IDA's outperformance since our upgrade, and the shares surpassing our price target."

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 $40.20 yesterday.

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