Pinnacle West Capital Corp

PNW: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$83.00	Lsnkcz	Bpdpgybpk

Pinnacle West Earnings Sink on Rate Cut; More Regulatory Activity Coming in 2023

Travis Miller

Feb 28, 2023

We are reaffirming our $77 per share fair value estimate for Pinnacle West after the company announced earning $4.26 per share in full-year 2022, down from $5.47 in 2021. This was in line with our expectations. We are reaffirming our narrow moat and stable moat trend ratings.

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