Evercore ISI analyst Michael Lonegan raised the firm’s price target on Pinnacle West (PNW) to $92 from $90 and keeps an In Line rating on the shares after the Arizona Corporation Commission voted 3-2 to approve formula ratemaking with minor changes to the regulatory lag docket policy statement. The establishment of a formula rate plan, or FRP, with annual true ups should enable Pinnacle West to reduce the lumpiness of its earnings profile and provide for the ability to deliver an evergreen 5%-7% EPS growth rate, the analyst tells investors.
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