UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Raises PT on Pinnacle West Capital Corporation Ahead of Primary Elections

In a report published Tuesday, Morgan Stanley analyst Rajeev Lalwani reiterated an Equal-Weight rating on

, and raised the price target from $56.00 to $58.00. In the report, Morgan Stanley noted, “Shares are likely to be active based on tonight's Arizona Commission primary election results since it may tilt the balance of power in regards to solar policy in the state. Two (of five) Commissioners' terms are expiring and investor perception is that 1-2 of the existing seats are filled by those who are less receptive to utility arguments regarding solar customers paying a more meaningful share of grid costs. There are four republican and two democratic candidates running for the two open seats. On the republican side, two of the candidates appear responsive to these utility arguments while the other two seem less convinced. This,combined with Arizona being considered a largely republican state, makes the primaries a potential indication of Commission composition (and possibly policy) going forward. Current polling shows a relatively tight race with a utility supportive candidate ahead and the rest fairly close. It is worth noting, however, that democratic candidates have filled Commission seats previously, thus the primaries are only an indication.” Pinnacle West Capital Corporation closed on Monday at $56.40.