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 P

Citigroup reduced its rating on Pinnacle West Capital 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.