Analyst Alex Kania of BTIG maintained a Buy rating on IdaCorp, retaining the price target of $157.00.
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Alex Kania has given his Buy rating due to a combination of factors, primarily focusing on IdaCorp’s increased capital expenditure plans and the potential positive impact on earnings. The company announced a significant 20% increase in its capital expenditure estimates for the 2026-2029 period, which is expected to alleviate previous concerns about gaps in their investment plans following the termination of the Jackalope Wind project. This increase in spending is anticipated to enhance IdaCorp’s infrastructure and future growth prospects.
Furthermore, Alex Kania sees potential earnings per share (EPS) upside of approximately 2-5% by 2029 due to the increased capital expenditure, which could lead to a higher rate base. The analyst values IdaCorp using a price-to-earnings multiple applied to the 2027 EPS estimates, resulting in a price target of $157. This valuation, combined with the company’s dividend yield, supports the Buy rating, indicating confidence in IdaCorp’s financial health and future performance.