Barclays’ Steady View and Big Capex Plans Might Change The Case For Investing In Pinnacle West Capital (PNW)

Simply Wall St.01-21 18:31

In January 2026, Barclays reiterated its Equal-Weight rating on Pinnacle West Capital while adjusting its outlook, as the utility prepared to report fourth-quarter results following strong third-...

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Investors have been focused on the company’s plan to invest more than US$2.50 billion annually through 2028, aiming to support Arizona’s rapid population and economic expansion via its Arizona Public Service utility subsidiary. With recent attention on its multi-year US$2.50 billion-plus annual investment program, we’ll explore how this shapes Pinnacle West’s investment narrative. Explore 23 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research.AdvertisementWhat Is Pinnacle West Capital's Investment Narrative?To own Pinnacle West today, you have to believe in Arizona’s ongoing growth story and the company’s ability to convert that into steady, regulated returns while funding a sizeable grid build‑out. The big near term catalysts remain constructive: upcoming fourth quarter results, the raised 2025 earnings guidance, and the more than US$2.50 billion per year capital program that underpins future rate cases. The latest Barclays move, keeping an Equal‑Weight rating but trimming the price target, gently reinforces that this is a “show‑me” period rather than a clear momentum story, and recent single digit share gains suggest the impact is more sentiment fine‑tuning than a fundamental reset. The larger risks still sit around regulatory outcomes, cost inflation on those large projects, and how well earnings and cash flows support the dividend and heavy investment needs. However, one key regulatory and funding risk here is easy to underestimate and investors should be aware of it.\nPinnacle West Capital's shares are on the way up, but could they be overextended? Uncover how much higher they are than fair value.Exploring Other PerspectivesPNW 1-Year Stock Price Chart Two Simply Wall St Community fair value estimates cluster between about US$89.50 and US$96.07, showing a fairly tight spread despite different growth assumptions. Set that against the company’s heavy multi‑year investment plan and regulatory dependence, and you can see why different market participants may reach different conclusions about how much risk is acceptable, and what that might mean for future shareholder outcomes.Explore 2 other fair value estimates on Pinnacle West Capital - why the stock might be worth as much as $96.07!Build Your Own Pinnacle West Capital NarrativeDisagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.A great starting point for your Pinnacle West Capital research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.Our free Pinnacle West Capital research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Pinnacle West Capital's overall financial health at a glance.Searching For A Fresh Perspective?Markets shift fast. These stocks won't stay hidden for long. Get the list while it matters:We've found 13 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.Find companies with promising cash flow potential yet trading below their fair value.These 9 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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