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The modelled fair value for Pinnacle West Capital has inched from US$102.00 to US$102.21 per share, a small move that still attracts attention when analysts are tightening their assumptions. Recent research updates describe a mix of cautious and constructive views, with price targets in the low US$100s reflecting different opinions on regulatory execution, earnings quality, and where the stock sits within the utilities group. As you read on, you will see how these shifting targets fit into a broader narrative and what to watch to keep up with future changes.

Analyst Price Targets don’t always capture the full story. Head over to our Company Report to find new ways to value Pinnacle West Capital.

• BMO Capital lifted its target to US$107 from US$98 after Q4 results, highlighting the potential for Pinnacle West Capital to become a core utility holding if regulatory execution stays on track.

• Citi took its target to US$109 from US$100, while Mizuho moved to US$103 from US$91, signaling interest around current valuation levels even with Neutral ratings.

• Barclays increased its target to US$97 from US$90 and Morgan Stanley to US$96 from US$89, adding to a cluster of targets in the mid to high US$90s and low US$100s.

• BMO Capital, despite the higher target, kept a Market Perform rating and put clear emphasis on regulatory execution as the key risk for the rest of the year.

• TD Cowen raised its target to US$100 from US$97 but maintained a Hold rating and adjusted its model with lower trending estimates, pointing to questions around earnings quality and near term growth.

Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there’s more to the story. Head to the Simply Wall St Community to discover more perspectives!

We’ve flagged 2 risks for Pinnacle West Capital. See which could impact your investment.

• Pinnacle West Capital issued consolidated earnings guidance for 2026, with an estimated range of $4.55 to $4.75 per diluted share on a weather normalized basis.

• The 2026 guidance is presented on a consolidated basis, providing a single earnings range to track across the entire business rather than separate targets by segment.

• The company described the 2026 outlook as a continuation of its existing guidance, keeping expectations centered on the same $4.55 to $4.75 per diluted share range.