Pinnacle West price target lowered to $69 from $76 at Evercore ISI

Evercore ISI lowered the firm’s price target on Pinnacle West to $69 from $76 and keeps an In Line rating on the shares. Along with the Q4 update, the market was disappointed in the amount of equity issuance the company announced in its plan, the analyst tells investors. However, following that disappointment, the firm likes Pinnacle’s decision to immediately announce the forward equity issuance the next day within its guided range that is intended to re-equitize the APS capital structure, though adds that “it is clear regulatory lag will remain sizable” following the recent rate case outcome.