UPDATE: Williams Initiates Pinnacle West Capital at Buy

Williams is out with its report today on Pinnacle West Capital

, initiating PNW at Buy. In a note to clients, Williams writes, "We initiate coverage on Pinnacle West Capital Corporation with a Buy investment rating and $48.00 target price on June 21, 2011 at a price of $44.17. In our view, PNW's 2013 valuation metrics represent the lower-end of the valuation range for electric utilities, an unwarranted discount. We remain encouraged by a number of important fundamental issues at Pinnacle West. Earnings and cash flow growth through 2013 appears considerable and more consistent than experienced in recent years." Shares of PNW closed Monday at $44.17