Pinnacle West Management reaffirms ROE target.
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...
Pinnacle West Capital is a holding company. Through its subsidiary, Arizona Public Service Company, the company provides either retail or wholesale electric service to most of the State of Arizona, with the exceptions of about one-half of the Phoenix metropolitan area, the Tucson metropolitan area and Mohave County in northwestern Arizona. The company's business segment is its regulated electricity segment, which consists of regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission and distribution.
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