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.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PNW:
- Pinnacle West price target raised to $95 from $85 at Citi
- Pinnacle West upgraded to Overweight from Sector Weight at KeyBanc
- Pinnacle West price target lowered to $81 from $82 at Morgan Stanley
- Roku, Robinhood upgraded: Wall Street’s top analyst calls
- Pinnacle West downgraded to Equal Weight from Overweight at Barclays