KeyBanc downgraded Pinnacle West (PNW) to Sector Weight from Overweight without a price target as part of its 2026 outlook for the utilities group. The firm cites the extended timeline of the FRP transition for the downgrade. KeyBanc continues to like Arizona fundamentally and believes Pinnacle West is well positioned for the long term. However, the impacts of the new regime won’t be felt in the numbers until 2028, which provides an opportunity to allocate money elsewhere, the analyst tells investors in a research note.
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