Shares of Idacorp Inc (NYSE:IDA) continued on an upward trajectory in early trading on Tuesday.

The stock climbed more than 7% over the past month.

During its third-quarter earnings call, the company raised its five-year load growth forecast in its preliminary 2025 Integrated Resource Plan (IRP), according to BofA Securities.

Analyst Ross Fowler upgraded the rating for Idacorp from Neutral to Buy. He raised the price target from $113 to $117.

The Idacorp Thesis: The company reported third-quarter adjusted earnings $2.12 per share, missing consensus of $2.17 per share, but raised its full-year guidance range from $5.30-$5.45 per share to $5.35-$5.45, per share,Fowler said in the upgrade note.

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The forecasted rate base growth in IRP spiked from about 11% to around 17%. That's "well above average broader electric peers," he added.

The five-year capex plan increased 46% in total, the analyst wrote. Over $1 billion of the increase attributable to the inclusion of new generation projects from 2026 and 2027 RFP commitments.

"Longer term, we note incremental upside to capex/rate base growth could result from new generation/transmission needs implied by the ongoing 2025 IRP and '28/'29 RFP filings, along with pending projects from large load industrial customers, which are not included in the current plan," he further stated.

This could enable Idacorp to generate above-average earnings growth of an 8% CAGR (compounded annual growth rate) through 2028, Fowler said.

Price Action: Shares of Idacorp had risen by 2.61% to $108.89 at the time of publication on Tuesday.

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