Pinnacle West price target lowered to $71 from $74 at Morgan Stanley

Morgan Stanley analyst David Arcaro lowered the firm’s price target on Pinnacle West to $71 from $74 and keeps an Equal Weight rating on the shares as part of the firm’s December edition of its “Monthly Meter Reading” note on Regulated & Diversified Utilities. Electric multiples were up less than 1% and multiples for gas utilities were down 3% since the firm last refreshed its price targets, the analyst noted.