BofA analyst Julien Dumoulin-Smith upgraded Pinnacle West to Buy from Neutral with a price target of $80, up from $71. The firm sees the adoption of the System Reliability Benefit, or SRB, surcharge, the regulator-led initiative towards a forward or hybrid test year and the Integrated Resource Plan, or IRP, consideration process pointing to an improving earnings and growth outlook through the end of the decade given the improving regulatory environment for the Arizona-based regulated utility, the analyst tells investors.
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Read More on PNW:
- Pinnacle West upgraded to Neutral from Sell at UBS
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- Pinnacle West price target lowered to $69 from $76 at Evercore ISI
