UPDATE: Evercore ISI Maintains Buy Rating on Pinnacle West Capital (PNW) (Correction)

(Updated - July 31, 2015 9:32 AM EDT)

(Update adds color and corrects previous article indicating a rating change. The stock remains rated Buy.

Evercore ISI maintained its Buy rating on Pinnacle West Capital (NYSE: PNW) with a price target of $65. Comments follow Q2 results.

Analyst Greg Gordon said, "We are modifying our '15 EPS forecast to $3.85 from $3.90 but our '16 / '17 estimates remain $4.10 / $4.25. PNW's stronger than average balance sheet, coupled with our understanding of existing rate mechanisms, their ability to control costs, modest assumed demand growth and an AZ regulatory environment that we see as having increased stability, result in our confidence that PNW can offer a total return profile that looks comparable with other companies whose shares trade at P/E multiples more in line with the regulated utility peer group. Our $65 target is 15.3X our '17 EPS forecast of $4.25/share."

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 $61.27 yesterday.

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