Pinnacle West Capital (PNW)
by Zacks Equity ResearchOctober 16, 2012 | Comments : 0 Recommended this article: (0)
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The company expects annual customer growth of approximately 2% for 2012 through 2015 will benefit its results. In addition, favorable renewable energy prospects and the recent rate case approval will ensure increased returns.
Over the last five years, the company's shares have traded in the P/E multiple range of 11.4x to 17.9x on trailing 12-month earnings. Our target price of $63.00 is based on the P/E multiple of 18.4 on 2012 EPS.
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