UPDATE: Citi Lowers Pinnacle West Capital's PT

According to a research report published earlier today, Citi has lowered Pinnacle's 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.