HSBC initiates Pinnacle West stock coverage with buy rating
HSBC initiated coverage on Pinnacle West Capital (PNW) with a buy rating and $119.50 price target. The stock trades at $103.89 with a P/E ratio of 20.0. HSBC forecasts 13% annual EPS growth through 2030 and 8% through 2035, citing strong rate base growth and demand. PNW reported Q2 2026 earnings of $1.43 per share, missing estimates by 2 cents, but beat revenue forecasts with $1.45 billion in sales.


