Is Morgan Stanley’s Large-Load Growth Upgrade Altering The Investment Case For IDACORP (IDA)?

• Morgan Stanley recently upgraded IDACORP’s rating, citing improved prospects tied to strong expected electricity load growth and reduced regulatory uncertainty following a rate case settlement.
• The upgrade highlights how potential new large customers, such as additional Micron fabrication capacity, mining operations, and data centers, could materially reshape IDACORP’s long-term demand profile.
• We’ll now examine how Morgan Stanley’s focus on accelerating large-load growth could reshape IDACORP’s existing investment narrative and risk-reward balance.

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IDACORP Investment Narrative Recap

IDACORP appeals to investors who want a regulated utility exposed to long term electricity demand growth from industrial and tech customers, but with meaningful regulatory and capital spending risks. Morgan Stanley’s upgrade reinforces the near term demand catalyst, while the recent rate case settlement appears to ease, rather than transform, the most immediate risk around cost recovery and allowed returns.

Among recent announcements, the October 2025 guidance raise to US$5.80 to US$5.90 in full year diluted EPS stands out in light of Morgan Stanley’s focus on accelerating large load growth. It gives investors a current year earnings reference point as they weigh how potential Micron capacity, mining projects, and data center additions could interact with IDACORP’s future capital needs and regulatory outcomes.

But against this backdrop, investors should be aware that if regulators ultimately restrict recovery of the heavy capital spending needed for new large loads, then ...

Read the full narrative on IDACORP (it's free!)

IDACORP's narrative projects $2.3 billion revenue and $441.8 million earnings by 2028. This requires 8.3% yearly revenue growth and about a $134.9 million earnings increase from $306.9 million today.

Uncover how IDACORP's forecasts yield a $140.50 fair value, a 10% upside to its current price.

Exploring Other Perspectives

Three fair value estimates from the Simply Wall St Community span roughly US$103 to US$141 per share, showing wide dispersion in individual views. You can set those opinions against the upgraded large load growth story and consider how differing expectations for future capital recovery and regulation might affect IDACORP’s longer term performance.

Explore 3 other fair value estimates on IDACORP - why the stock might be worth 19% less than the current price!

Build Your Own IDACORP Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your IDACORP research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free IDACORP research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate IDACORP's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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