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”.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on PNW:
- Pinnacle West 9.774M share Spot Secondary priced at $66.50
- Pinnacle West Sets Price for Major Share Offering
- Pinnacle West announces $650M common stock offering
- Pinnacle West files automatic mixed securities shelf
- Pinnacle West sees FY24 EPS $4.60-$4.80, consensus $4.80
Questions or Comments about the article? Write to editor@tipranks.com