Earnings GuidanceThe company reaffirmed 2024 EPS guidance of $4.60-$4.80/share, its long-term EPS growth target of 5%-7%, and its capital investment plan.
Price TargetRaising Price Objective to $84 from $77 to reflect an increase in the peer group 26E P/E multiple to 14.5x, from 13.6x.
Regulatory EnvironmentAn improving regulatory environment in Arizona could close the gap between the company’s allowed and earned ROE, thus improving its earnings profile.