Pinnacle West Bumps Up 2018 Guidance and Reaffirms ROE Goal; Phoenix Economy Remains Strong
We are reaffirming our $78 fair value estimate and narrow moat rating after Pinnacle West reported stronger-than-expected 2017 earnings and bumped its 2018 guidance range up by $0.10 per share. Earnings per share in 2017 were $4.35 versus our estimate of $4.25 and the consensus of $4.27.We left our 2018 EPS estimate of $4.50 unchanged when Pinnacle West initiated a 2018 guidance range in November 2017 that was below our estimate. Our decision was based in part on the health of the Phoenix econ...
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