Mizuho Downgrades Pinnacle West Capital (PNW) Stock to Neutral

Pinnacle West Capital Corporation (NYSE:PNW) is one of the Best Electric Utility Stocks to Buy According to Analysts. On September 9, Mizuho downgraded the company’s stock to “Neutral” from “Outperform” with a price objective of $90, down from the prior target of $102, as reported by The Fly. The downgrade comes even though the company’s ~5% load growth is supported by large manufacturing facilities and data centers, as the firm’s updated forecast model showcases that regulatory lag will diminish most of the expected accretion until 2028/29.

As per the firm, while Pinnacle West Capital Corporation (NYSE:PNW)’s shares have lagged peers YTD, consensus estimates are expected to come down, pressuring the company’s shares as investors look towards 2026. Pinnacle West Capital Corporation (NYSE:PNW) stated that while its Q2 2025 results were within its expectations, they were lower compared to the same period in 2024, largely due to the cooler weather as compared to the previous year’s record-high temperatures, including the hottest June on record. For 2025, Pinnacle West Capital Corporation (NYSE:PNW) expects that the consolidated earnings will be between $4.40 – $4.60 per diluted share on a weather-normalized basis.

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Disclosure: None. This article is originally published at Insider Monkey.