UBS upgraded Pinnacle West to Neutral from Sell with a price target of $71, up from $68. The firm says the key catalysts for its Sell call have now played out and it believes the stock appears reasonably valued at a 3% discount to peers. The “constructive resolution” of the rate case that saw Pinnacle West receive 67% of the revenue ask and financial guidance update that rebased 5%-7% earnings growth off the 2024 earnings per share guidance $4-60-$4.80 have reset investor expectations, the analyst tells investors in a research note.
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Read More on PNW:
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