Pinnacle West price target lowered to $71 from $73 at BofA

BofA lowered the firm’s price target on Pinnacle West to $71 from $73 and keeps a Neutral rating on the shares. Pinnacle West’s rate case is expected to be one of the first key regulatory data points of 2024, with a recommended opinion and order likely in January and consideration at an open meeting of the ACC in February, the analyst tells investors. Pinnacle shares were a relative outperformer in 2023, notes the firm, which sees this as “difficult to repeat in 2024 barring a substantial improvement in the regulatory regime and resulting capex opportunities.”