Pinnacle West price target lowered to $80 from $83 at RBC Capital

RBC Capital lowered the firm’s price target on Pinnacle West to $80 from $83 and keeps a Sector Perform rating on the shares. The analyst notes that the company’s Arizona growth is “robust”, but while the regulatory environment in the state has been improving, as evidenced by recent rate case outcomes, the current regulatory structure is causing “significant regulatory lag”.