Pinnacle West Capital Corp

PNW: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$87.00	Sfk	Qblddlmrc

Pinnacle West: Regulatory Success, Demand Growth Brighten Outlook

Travis Miller

Mar 4, 2024

We are reaffirming our $77 fair value estimate for Pinnacle West after the company reported earning $4.41 per share in 2023 and received a final decision in its 2022 rate review. Weather-adjusted earnings and the rate review outcome were in line with our outlook. We are reaffirming our narrow moat rating.

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