Mizuho raises Pinnacle West Capital stock price target on guidance boost

Pinnacle West Capital (PNW) raised its long-term sales-growth outlook to 8%-10% through 2030, up from 5%-7%. The company signed a 25-year agreement with TSMC for 1.88 GW of demand. PNW's resource plan projects doubling energy requirements by 2041, with 15 GW of new resources. The company expects a rate case decision by year-end and has issued $700M in notes and $235M via equity program.

Pinnacle West Capital Corp (PNW) raised its guidance during its Q3 2026 earnings call. CFO Andrew Cooper discussed equity issuance, earnings growth, and regulatory lag, while CEO Ted Geisler provided updates on generation and transmission plans, gas supply, and customer agreements. The company aims to maintain an equity capital structure above 50% and expects a rate case decision around mid-December.

Pinnacle West Capital reported strong Q3 2026 results, driven by record demand and a 9.5% weather-normalized retail sales growth. The company raised its long-term sales growth outlook to 8-10% through 2030. Key highlights include a new 25-year TSMC agreement, strategic resource planning, and a disciplined financing approach. Management expects to reduce regulatory lag and maintain an equity capital structure above 50%.

Pinnacle West (PNW) reported Q3 2026 earnings of $3.49 per share, up $0.10 YoY. Sales grew 9.5% weather-normalized, with commercial/industrial up 14.5% and residential up 4.5%. The company raised 2026 guidance to $5.05-$5.25 per share. PNW announced a 25-year agreement with TSMC for 1.88 GW demand, funded by TSMC. The company projects Arizona's energy demand to double by 2041, with plans for 15 GW of new resources. PNW expects a rate case decision by year-end.

Pinnacle West (PNW) reported Q3 2026 EPS of $3.49, up from $3.39 YoY, driven by 9.5% sales growth in Arizona. The company raised full-year guidance and extended its long-term growth outlook. Operating revenue reached $4.58B for the nine months ended September 30, 2026, with total electric sales increasing by 8.4%. Management expects 8%-10% weather-normalized retail sales growth annually through 2030, supported by a $10.35B capital investment plan.

Pinnacle West (PNW) reported Q3 EPS of $3.49, beating estimates by $0.29, with revenue at $1.97B, exceeding expectations. The stock is up 4.87% over 3 months and 18.34% over 12 months. According to InvestingPro, the company's financial health is rated as 'good performance'.