Guggenheim starts ‘top tier utility’ Idacorp with a Buy

As previously reported, Guggenheim analyst Shahriar Pourreza initiated coverage of Idacorp with a Buy rating and $104 price target. The firm, which calls Idacorp “a top tier utility deserving of a best-in-class multiple,” argues that key drivers and catalysts are not already reflected in the shares despite current valuation levels. The company’s “unique downside earnings protection mechanism,” its “constructive” regulatory framework and its ongoing execution of capital plans seem likely to further accelerate Idaho Power’s rate base growth trajectory, the analyst tells investors.