Idacorp upgraded to Buy at BofA after 2025 preliminary IRP results

As previously reported, BofA analyst Ross Fowler upgraded Idacorp (IDA) to Buy from Neutral with a price target of $117, up from $113, after Q3 earnings and the company’s announcement of increased five-year load growth expectations of 7.7% in the preliminary 2025 Integrated Resource Plan. Forecasted rate base growth increased to about 17% from about 11%, which the firm identifies as “well above average broader electric peers.” The five-year capex plan increased 46% in total, with over $1B of the increase attributable to inclusion of new generation projects from 2026/2027 RFP commitments, which the firm “conservatively” sees translating to about an 8% EPS compound annual growth rate off of 2024.