Pinnacle West price target raised to $98 from $95 at Wells Fargo

Wells Fargo raised the firm’s price target on Pinnacle West (PNW) to $98 from $95 on higher peer group multiples, while keeping an Equal Weight rating on the shares. With the seasonably light Q1, the company’s update was uneventful outside of a favorable update on TSMC (TSM) development plans, the firm says. Wells is making no change to its EPS outlook.