Credit Suisse Raises Price Target on Pinnacle West Capital (PNW), 2012 Dividend May Grow 10-15%
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Price: $101.48 --0%
Rating Summary:
5 Buy, 15 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 10
Rating Summary:
5 Buy, 15 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 10
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Credit Suisse is reiterating its Outperform rating on shares of Pinnacle West Capital (NYSE: PNW) and is raising its price target from $43 to $47 following a week with the company's management team. Improving Internally
The firm believes that the ongoing evolution of the AZ Commission is underappreciated by the market and see groundwork being set for a timely resolution of the upcoming rate case.
3 of 5 commissioners are up for re-election in November 2012 and the firm notes that putting as much distance from a needed rate increase is a reasonable motivator; which may also facilitate less noticeable more real-time rate mechanisms.
Management stated that it is targeting a 65-70% payout which implies a restart to dividend growth in 2012 of 10-15%.
Credit Suisse comments that, "We continue to see PNW as a late cycle recovery given the demographic pull Phoenix holds for Baby Boomers as well as CA transplants given more core job opportunities."
For more ratings news on Pinnacle West Capital click here and for the rating history of Pinnacle West Capital click here.
Shares of Pinnacle West Capital closed at $42.45 yesterday.
The firm believes that the ongoing evolution of the AZ Commission is underappreciated by the market and see groundwork being set for a timely resolution of the upcoming rate case.
3 of 5 commissioners are up for re-election in November 2012 and the firm notes that putting as much distance from a needed rate increase is a reasonable motivator; which may also facilitate less noticeable more real-time rate mechanisms.
Management stated that it is targeting a 65-70% payout which implies a restart to dividend growth in 2012 of 10-15%.
Credit Suisse comments that, "We continue to see PNW as a late cycle recovery given the demographic pull Phoenix holds for Baby Boomers as well as CA transplants given more core job opportunities."
For more ratings news on Pinnacle West Capital click here and for the rating history of Pinnacle West Capital click here.
Shares of Pinnacle West Capital closed at $42.45 yesterday.
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