IDACORP, Inc. (IDA): A Bull Case Theory

We came across a bullish thesis on IDACORP, Inc. on Stock Analysis Compilation’s Substack. In this article, we will summarize the bulls’ thesis on IDA. IDACORP, Inc.'s share was trading at $122.77 as of July 24^th. IDA’s trailing and forward P/E were 21.72 and 20.83 respectively according to Yahoo Finance.

IDACORP, a regulated electric utility based in Boise, Idaho, is seen as one of the strongest growth stories in the utility sector, supported by favorable demographic and economic trends in its service territories of southern Idaho and eastern Oregon. The company benefits from robust population growth driven by affordable living costs and expanding employment opportunities, fueling steady residential demand.

At the same time, commercial and industrial customers are set to drive a significant uptick in electricity consumption. Major projects like Micron’s $15 billion memory fabrication plant and Meta’s new data center—expected to require 325 megawatts of continuous power—highlight the scale of upcoming demand. These structural drivers underpin a compelling outlook for consistent earnings growth and attractive long-term shareholder returns.

With demand accelerating across both residential and commercial markets, IDACORP stands to benefit from its strong regulated position and capacity to support the region’s growth. The company’s stable, regulated revenue base, combined with high-visibility demand growth, creates an appealing investment profile, offering a balance of predictable cash flows and upside potential.

Given these tailwinds, IDACORP is expected to maintain its trajectory of earnings expansion while continuing to reward shareholders, making it a differentiated name within the utility sector poised to capitalize on the sustained economic and population boom in its markets.

Previously, we covered a bullish thesis on Evergy, Inc. (EVRG) by Hidden Market Gems in April 2025, which highlighted its defensive profile, resilience to macro volatility, and appeal as a high-yield utility insulated from tariffs and supply chain risks. The stock has appreciated about 7% since. Stock Analysis Compilation shares a similar view on IDACORP, Inc. (IDA) but emphasizes its stronger growth from population and commercial demand.

IDACORP, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held IDA at the end of the first quarter which was 26 in the previous quarter. While we acknowledge the potential of IDA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.