Pinnacle West price target raised to $89 from $85 at Wells Fargo

Wells Fargo analyst Sarah Akers raised the firm’s price target on Pinnacle West to $89 from $85 and keeps an Equal Weight rating on the shares. Pinnacle West and the ACC legal division agreed to a $37.7M ongoing rate increase tied to the reversal of the SCR disallowance, and while the settlement was largely expected, the firm views the timeliness and terms of the settlement favorably including full recovery of the retroactive piece, the analyst tells investors in a research note.