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Pinnacle West price target lowered to $100 from $101 at KeyBanc

KeyBanc lowered the firm’s price target on Pinnacle West (PNW) to $100 from $101 and keeps an Overweight rating on the shares. The firm sees the AZ regulatory environment improving structurally going forward given the 2025 GRC, which is expected to reduce regulatory lag and validate our thesis. In addition, KeyBanc sees the state as well positioned to capitalize on the data economy and industrial load growth, as well as positive population trends. Also, AZ has low climate risk compared to other Western SMIDs, which should help the company stand out from the pack.

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