Argus raised the firm’s price target on Pinnacle West (PNW) to $106 from $95 and keeps a Buy rating on the shares. To meet growing demand, the company is in Phase 1 of a new natural gas generation plant which could add as much as 2 GW of power, the analyst tells investors in a research note. For the long-term, solid demand growth is expected as the climate continues to warm in the region, the firm added.
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