Ladenburg initiated coverage of Pinnacle West Capital with a Neutral rating and $69 price target. The state of Arizona is poised for continued rapid economic development over the next decade with an influx of data centers and residential complexes being built, in which Pinnacle West is expected to benefit from, the analyst tells investors in a research note. The firm is projecting four-year compound annual growth in earnings of 5.8% calculated off of a base of 2022 actual results.
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