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UPDATE: Citigroup Downgrades Pinnacle West Capital to Neutral on Valuation

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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

DateFirmActionFromTo
Nov 2016Bank of AmericaUpgradesUnderperformNeutral
Oct 2016UBSMaintainsNeutral
Sep 2016SunTrust Robinson HumphreyMaintainsNeutral

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Posted-In: CitigroupAnalyst Color Downgrades Price Target Intraday Update Analyst Ratings

 

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