UPDATE: Citi Lowers Pinnacle West Capital's PT
According to a research report published earlier today, Citi has lowered Pinnacle's (NYSE: PNW) PT from $53 to $52.
Citi commented in the report, “We are modestly adjusting our annual and quarterly EPS estimates on minor adjustments to our earned ROE assumptions. Our new 2012-2014 EPS is $3.41/$3.56/$3.63 versus prior published $3.36/$3.55/$3.70, respectively. Over this timeframe, our earned ROE assumption equates to 8.97% versus 9.1% prior published. Our 12 month target price drops to $52/share from $53/share on a slightly lower EPS outlook in 2014. We maintain our Buy rating.”
Pinnacle West Capital closed Friday at $47.13.
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