Pinnacle West downgraded to Neutral from Outperform at Mizuho

Mizuho downgraded Pinnacle West (PNW) to Neutral from Outperform with a price target of $90, down from $102. The company’s 5% load growth is supported by large manufacturing facilities and data centers, but Mizuho’s forecast model indicates a “regulatory lag will eat away” at most of the accretion until 2028, the analyst tells investors in a research note. The firm says that while Pinnacle West shares have lagged peers year-to-date, consensus estimates are likely to come down, pressuring the shares as investors look towards 2026.