Analyst Estimates: Here’s What Brokers Think Of IDACORP, Inc. (NYSE:IDA) After Its Full-Year Report

IDACORP, Inc. (NYSE:IDA) last week reported its latest annual results, which makes it a good time for investors to dive in and see if the business is performing in line with expectations. Results overall were respectable, with statutory earnings of US$5.14 per share roughly in line with what the analysts had forecast. Revenues of US$1.8b came in 4.8% ahead of analyst predictions. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. With this in mind, we’ve gathered the latest statutory forecasts to see what the analysts are expecting for next year.

See our latest analysis for IDACORP

NYSE:IDA Earnings and Revenue Growth February 18th 2024

Taking into account the latest results, IDACORP’s five analysts currently expect revenues in 2024 to be US$1.77b, approximately in line with the last 12 months. Statutory earnings per share are predicted to rise 5.7% to US$5.45. Before this earnings report, the analysts had been forecasting revenues of US$1.78b and earnings per share (EPS) of US$5.45 in 2024. The consensus analysts don’t seem to have seen anything in these results that would have changed their view on the business, given there’s been no major change to their estimates.

It will come as no surprise then, to learn that the consensus price target is largely unchanged at US$102. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. The most optimistic IDACORP analyst has a price target of US$120 per share, while the most pessimistic values it at US$93.00. Even so, with a relatively close grouping of estimates, it looks like the analysts are quite confident in their valuations, suggesting IDACORP is an easy business to forecast or the the analysts are all using similar assumptions.

Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. We would highlight that IDACORP’s revenue growth is expected to slow, with the forecast 0.3% annualised growth rate until the end of 2024 being well below the historical 6.2% p.a. growth over the last five years. Compare this against other companies (with analyst forecasts) in the industry, which are in aggregate expected to see revenue growth of 3.5% annually. So it’s pretty clear that, while revenue growth is expected to slow down, the wider industry is also expected to grow faster than IDACORP.

The Bottom Line

The most obvious conclusion is that there’s been no major change in the business’ prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. On the plus side, there were no major changes to revenue estimates; although forecasts imply they will perform worse than the wider industry. The consensus price target held steady at US$102, with the latest estimates not enough to have an impact on their price targets.

Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year’s earnings. At Simply Wall St, we have a full range of analyst estimates for IDACORP going out to 2026, and you can see them free on our platform here..

Plus, you should also learn about the 2 warning signs we’ve spotted with IDACORP (including 1 which is significant) .

Valuation is complex, but we’re helping make it simple.

Find out whether IDACORP is potentially over or undervalued by checking out our comprehensive analysis, which includes fair value estimates, risks and warnings, dividends, insider transactions and financial health.

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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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