Pinnacle West Capital To Get Push From 'Increasingly Constructive' Arizona Regulation: Analyst
Portfolio Pulse from Lekha Gupta
Mizuho Securities analyst Anthony Crowdell has upgraded Pinnacle West Capital Corp (PNW) to Buy from Neutral and increased the price target to $85 from $78. The analyst expects Arizona's increasingly constructive regulation and load growth to push PNW's earnings and P/E premium upward. The company's FY23 EPS guidance has been raised to $4.10-$4.30 from $3.95-$4.15.
August 22, 2023 | 7:58 pm
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Pinnacle West Capital Corp (PNW) has been upgraded to Buy from Neutral by Mizuho Securities. The price target has been increased to $85 from $78. The company's FY23 EPS guidance has been raised to $4.10-$4.30.
The upgrade by Mizuho Securities and the increased price target indicate a positive outlook for PNW. The expected constructive regulation in Arizona and the raised FY23 EPS guidance are likely to have a positive impact on the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100