Mizuho Downgrades Pinnacle West Capital (PNW) Stock to Neutral

Core Viewpoint - Pinnacle West Capital Corporation (NYSE:PNW) has been downgraded by Mizuho from "Outperform" to "Neutral" with a revised price target of $90, down from $102, due to expected regulatory lag affecting growth until 2028/29 [1][2] Group 1: Stock Performance and Analyst Ratings - Mizuho's downgrade reflects concerns that Pinnacle West's shares have underperformed compared to peers year-to-date, with consensus estimates anticipated to decline, putting additional pressure on the stock as investors focus on 2026 [2] - The company's Q2 2025 results met expectations but were lower than Q2 2024, primarily due to cooler weather compared to the previous year's record-high temperatures [2] Group 2: Earnings Forecast - For 2025, Pinnacle West expects consolidated earnings to be between $4.40 and $4.60 per diluted share on a weather-normalized basis [2]