Idacorp price target lowered to $97 from $105 at Mizuho

Mizuho lowered the firm’s price target on Idacorp to $97 from $105 and keeps a Neutral rating on the shares. Two recent wildfire-related events have “brought wildfire risk to the forefront,” especially among the SMID-cap utilities, the analyst tells investors in a research note. The firm believes utility wildfire risk will need to be evaluated on a state-by-state basis given legal nuances in each state. It reduced price targets to account for current market multiples.