Pinnacle West Capital Corp

PNW: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$18.00	Hbnn	Qlyxqxplh

Pinnacle West Earnings: Brighter Prospects for Next Round of Rate Decisions

Travis Miller

May 4, 2023

We are reaffirming our $77 per share fair value estimate for Pinnacle West after the company announced a $0.03 per share loss in the first quarter, down from a $0.15 profit in the first quarter of 2022. Despite this drop in earnings during the quarter, Pinnacle West remains on track to meet our full-year earnings expectations. We are reaffirming our narrow moat and stable moat trend ratings.

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