ISI Group raises its rating on Pinnacle West Capital PNW to Buy from Hold and increases its price target to $52 from $46 as P/E multiple should see upside on declining risk profile.
ISI Group notes, "On 1/6/12 PNW's core utility Arizona Public Service filed a definitive settlement with the Arizona Corporation Commission Staff and other parties in its pending general rate case. The settlement allows a 10% ROE with a $116m non-fuel base rate increase. The rate increase will be fully mitigated by a decline in fuel and purchased power costs. The settlement requires final approval from the Commission. New rates would take effect in July ‘12."
PNW closed at $47.15 per share on Monday.
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