UPDATE: Citigroup Downgrades Pinnacle West Capital to Neutral on Valuation
Citigroup reduced its rating on Pinnacle West Capital (NYSE: PNW) from Buy to Neutral but maintains its price target at $52.
Citigroup commented, "We are downgrading shares of Pinnacle West Capital Corp. to Neutral from Buy. Our downward revision is strictly based on valuation as shares have been a material outperformer since late last year. Our Buy rating has predominately been a lone wolf relative to consensus, but now we believe it is time to take a step back, as strong fundamentals appear to be reflected in the share price."
Pinnacle West Capital closed at $52.19 on Tuesday.
Latest Ratings for PNW
|Dec 2014||SunTrust Robinson Humphrey||Downgrades||Buy||Neutral|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.