Pinnacle West Capital

PNW · NYSE

$102.90+$1.73 (+1.71%)TodayMarket closed · Oct 20, 7:45 PM ET

Prev close $101.17

PNW analyst rating

HoldConsensus of 13 analysts over the last 12 months. 23% rate it a buy.

Strong buy0
Buy3
Hold10
Underperform0
Sell0

12-month price target · 16 analysts

Average $106.04 (+3.1% upside)

Low: $82.32
Now: $102.90
High: $135.45

Upgrades and downgrades

The latest rating actions, newest first

PNW analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Jefferies	Oct 5, 2026	Maintains	Buy	$129.00 → $109.00	58%
Truist Securities	Oct 5, 2026	Maintains	Hold	$101.00 → $99.00	42%
Barclays	Oct 1, 2026	Maintains	Equal-Weight	$108.00 → $94.00	51%
Scotiabank	Sep 29, 2026	Initiates	Sector Outperform	$104.00	88%
Morgan Stanley	Sep 18, 2026	Maintains	Equal-Weight	$94.00 → $89.00	52%
Morgan Stanley	Aug 21, 2026	Maintains	Equal-Weight	$97.00 → $94.00	52%
Truist Securities	Aug 17, 2026	Maintains	Hold	$107.00 → $101.00	42%
BMO Capital	Jul 22, 2026	Maintains	Market Perform	$106.00 → $104.00	88%
Barclays	Jul 1, 2026	Maintains	Equal-Weight	$102.00 → $108.00	51%
Truist Securities	May 29, 2026	Maintains	Hold	$108.00 → $105.00	42%

The case for and against

Updated Jan 26, 2026

Bull case

Pinnacle West Capital demonstrated strong retail sales growth of 5.2% for the quarter, alongside a 2.4% increase in its customer base, indicating robust demand and an expanding market presence. The company projects a conservative capital expenditure growth of 2% year-over-year, while also highlighting the potential for additional positive impacts from upcoming transmission projects, supported by favorable economic conditions. Furthermore, management has reaffirmed a long-term outlook of 4-6% sales growth and 1.5-2.5% customer growth, reflecting confidence in sustained operational performance and market expansion.

Bear case

Pinnacle West Capital's financial results have shown a year-over-year decline of approximately 10%, primarily due to increased operating and maintenance costs, along with other negative factors impacting earnings. The company has experienced a bias toward negative earnings per share expectations for 2026 and 2027, following the procedural schedule announcement in the Arizona Public Service rate case. Furthermore, the stock underperformed by about 500 basis points, indicating declining investor confidence amid these financial challenges and outlook revisions.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.