UPDATE: Credit Suisse Downgrades Pinnacle West Capital to NeutralC

Credit Suisse lowers its rating on Pinnacle West Capital

to Neutral from Outperform as stock reaches average valuation. Credit Suisse says, " PNW has done an outstanding job transforming itself from a well-deserved discount stock to group average (div. yield, P/E, ROR). With the stock now sitting near average valuation, but with some risk surrounding the settled but not yet approved APS rate case and 4-year stay-out provision with no cost trackers, we are lowering our recommendation to Neutral from Outperform. We think owning PNW still makes sense but the room to positively surprise does not appear likely from current expectations." PNW closed at $46.63 per share on Friday.