In a report released today, Julien Dumoulin Smith from Jefferies upgraded IdaCorp (IDA – Research Report) to a Buy, with a price target of $133.00.
Julien Dumoulin Smith has given his Buy rating due to a combination of factors that highlight IdaCorp’s strong growth potential and strategic initiatives. The company is demonstrating an impressive ability to expand its rate base at a double-digit pace while simultaneously enhancing returns, which sets it apart from its peers. This growth is supported by a strategic infrastructure plan and regulatory initiatives that are expected to improve returns over time.
Furthermore, IdaCorp’s management has shown a commitment to reducing regulatory lag and effectively managing capital expenditures, which is crucial for sustaining growth. The company’s financial outlook is bolstered by a projected increase in earnings per share and a robust growth rate in its rate base. Additionally, the valuation appears attractive, with a slight premium to peers, yet offering significant upside potential. These factors collectively contribute to the Buy rating, reflecting confidence in IdaCorp’s long-term growth trajectory.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of IDA in relation to earlier this year.