On Wednesday, Morgan Stanley initiated coverage on shares of IDACORP, Inc. (NYSE:IDA), assigning an Equalweight rating to the stock with a price target of $92.00. The firm recognizes the company's accelerating sales growth as a positive factor that has led to a turning point in its rate base outlook.
The analysis by Morgan Stanley noted IDACORP's balanced position regarding its growth prospects and the risks it faces, particularly concerning wildfires in its operational areas. The firm pointed out that the company's ability to attract data centers and manufacturing facilities could be crucial for the stock to perform better than currently expected.
IDACORP's service territory has been identified as having a risk of wildfires, which is a significant consideration for investors and the company alike. The Equalweight rating suggests that while there are growth opportunities for IDACORP, these are counterbalanced by the potential challenges it may encounter.
The price target of $92.00 reflects Morgan Stanley's assessment of IDACORP's current valuation, considering the factors that could influence the company's stock performance. The firm's initiation of coverage provides investors with a new perspective on the utility company's financial outlook.
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