Pinnacle West price target lowered to $91 from $92 at Wells Fargo

Wells Fargo lowered the firm’s price target on Pinnacle West (PNW) to $91 from $92 and keeps an Equal Weight rating on the shares. The firm is updating its valuation and rolling forward to 2028. Pinnacle remains a catalysts rich story, driven by robust load growth, coupled with a constructive regulatory construct in AZ, Wells argues. But the firm remains on the sidelines.