Mizuho Securities Starts Pinnacle West Capital (PNW) at Neutral

Mizuho Securities initiates coverage on Pinnacle West Capital (NYSE: PNW) with a Neutral rating and a price target of $60.00.

Analyst James von Riesemann commented, "Over the next 18 months, investors will first focus on the rate re-design discussions taking place in AZ and what, if anything, comes about from them. That outcome could shape the discussion of the rate case that's slated to be filed in June 2016. Meantime, we continue to see PNW earning just under its allowed return and that's okay. Separately, M&A discussions continue to swirl, which limits downside, but we're not sure PNW is ready to sell, or at least not yet. We see value, but not enough to warrant a Buy."

For an analyst ratings summary and ratings history on Pinnacle West Capital click here. For more ratings news on Pinnacle West Capital click here.

Shares of Pinnacle West Capital closed at $56.89 yesterday.

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