UPDATE: Barclays Downgrades Pinnacle West Capital (PNW) to Equalweight
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Barclays analyst Eric Beaumont downgraded Pinnacle West Capital (NYSE: PNW) from Overweight to Equalweight with a price target of $84.00 (from $100.00).
The analyst comments "A Recommended Order & Opinion below staff recommendations in the ongoing APS rate case puts the long-term growth outlook for PNW in jeopardy, in our view. We downgrade PNW to Equal Weight (from Overweight) with a $84 price target given our view of this as a departure from historical precedent."
Shares of Pinnacle West Capital closed at $80.98 yesterday.
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