Pinnacle West price target raised to $95 from $85 at Citi

Citi analyst Ryan Levine raised the firm’s price target on Pinnacle West (PNW) to $95 from $85 and keeps a Neutral rating on the shares. The Arizona Corporation Commission voted 3-2 to make Chairman O’Connor and Commissioner Myers’ policy statement official after more than two hours of deliberation, the analyst tells investors in a research note. The firm says the policy statement provides high-level guidelines for utilities to file for formula rates in their next rate case. While it is not clear if this positive data point will ultimately prove constructive in the coming years, it further improves the outlook for Pinnacle West as it de-risks the company’s timeline to file its next rate case by mid-2025, contends Citi.