Jefferies analyst Julien Dumoulin-Smith raised the price target on Pinnacle West Capital (NYSE: PNW) to $129.00 (from $128.00) while maintaining a Buy rating.

The analyst comments "We expect Arizona's December rate decision to approve an annual formula reset and relief near the staff case of roughly $425m, with new rates by about March 2027. Earned returns trough in 2026 and rebuild into 2028, where our $6.41 estimate sits 5% above consensus at $6.12. A higher capital plan should follow in February. We see 2Q26 EPS of $1.35 vs consensus of $1.44; we'd view any resulting near-term weakness as an opportunity to add. Reiterate BUY with a $129.00 PT (+24% TSR)."