Pinnacle West Capital (PNW) PT Raised to $111 at Jefferies

Jefferies analyst Julien Dumoulin-Smith raised the price target on Pinnacle West Capital (NYSE: PNW) to $111.00 (from $110.00) while maintaining a Buy rating.

The analyst comments "We reiterate BUY while focusing on recent economic development announcements from TSMC, the Mayo Clinic, & others. We dive into TSMC's plans, looking at their potential material contribution to PNW's longer-term growth: +$100Bn investment could represent >500MW of demand over time, with hundreds of incremental MWs beginning in 2030. Our unchanged estimates drive a +9.9% EPS 2025-2029 CAGR vs. 8.4% consensus. We maintain our $111.00 PT, which now offers a TSR of ~19.5%."

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