Jefferies Cuts Pinnacle West Capital (PNW) Price Target to $109

Jefferies has lowered its price target for Pinnacle West Capital but maintains a positive outlook on the stock, a 5.19% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 2:31 PM EDT

Reviewed by automated data checks against the source data. How we make and check alerts

Jefferies cut its price target on Pinnacle West Capital Corporation ($PNW) to $109 from $129 on October 5, 2026, and rates the stock "Buy".

Since the rating, $PNW is up 4.1% after 1 week and up 7.8% to date (from the $95.96 close on Oct 5, 2026).

PNW Pinnacle West Capital Corporation

$103.42 +20.62% year to date

Daily close · Oct 16, 2026

Key Points

Jefferies reiterated its Buy rating on Pinnacle West Capital Corporation, adjusting the price target to $109.00 from the previous $129.00.
The stock closed at $94.21 on the last market day, indicating a potential upside of about 15.7% to the new target.
With a market cap of approximately $11.3 billion, Pinnacle West operates in the regulated electric utilities sector.

Get $PNW trade alerts by text

We text you when insiders, Congress or big funds trade $PNW. Free.

Not investment advice. EarningsIQ is not a registered investment adviser, and this automated Pinnacle West Capital Corporation alert may contain errors. Disclosures

Pinnacle West Capital Corporation (NYSE: PNW) received an updated rating from Jefferies on October 5, 2026. Jefferies reiterated its Buy rating but lowered the price target from $129.00 to $109.00. This adjustment comes as the stock trades at $94.21, suggesting a potential upside of about 15.7% to the new target price.

Analyst rating track record

Jefferies vs. the S&P 500

YTD return -5.20% hypothetical

All-time return -5.20% S&P 500 +1.55%

vs. S&P 500 -6.75% behind the index

Hypothetical returns from Jefferies's disclosed trades, not real profit or advice. How we model this.

Other Institutional Activity in Pinnacle West Capital Corporation

Capital Research Global Investors holds 16,494,147 shares of Pinnacle West, increasing its stake by 57,528 shares, valued at approximately $1.70 billion. BlackRock Inc. has 11,782,896 shares after adding 14,123 shares, worth about $1.22 billion. Vanguard Capital Management LLC increased its holdings by 95,958 shares, bringing its total to 7,897,426 shares valued at around $816 million. State Street Corporation also boosted its position by 105,740 shares, totaling 7,016,843 shares valued at about $725 million. However, Barrow, Hanley Mewhinney & Strauss, LLC reduced its holdings by 424,938 shares, ending with 6,575,681 shares worth about $679 million.

Pinnacle West Capital Corporation Stock Up 10.0%

The shares of Pinnacle West are currently trading below their 52-week high of $111.16, indicating they are relatively lower compared to their recent peak. The stock's performance is noteworthy as it remains above its 50-day moving average of $100.50, suggesting some stability in the price despite the recent target adjustment.

12-month forecast

$PNW price target

Pinnacle West Capital Corporation daily closes and this analyst's $109 target. Not advice.

Recent Earnings

Pinnacle West reported revenue of approximately $5.55 billion, reflecting a revenue growth of 7.1%. The company has an earnings per share (EPS) of $5.21 and a net margin of 11.5%. Its next earnings report is scheduled for November 3, 2026, which investors will be watching closely.

Dividend

Pinnacle West Capital pays an annual dividend rate of $3.64, which gives it a dividend yield of 3.86%. The company's payout ratio stands at 69.58%, indicating a reasonable distribution of profits to shareholders.

Insider Buying and Selling at Pinnacle West Capital Corporation

Recent insider transactions include Elizabeth A. Blankenship, an officer, who sold 980 shares on August 10, 2026, for a total value of about $97,182. Jose Luis Esparza Jr., a divisional officer, sold 1,800 shares on August 7, 2026, valued at approximately $183,618. Chief Operating Officer Jacob Tetlow sold 6,567 shares on May 13, 2026, totaling around $650,133. Additionally, Tetlow sold 6,496 shares on August 11, 2025, for about $600,036.

Analysts Set New Price Targets

On October 5, 2026, Jefferies maintained its Buy rating on Pinnacle West with a revised price target of $109.00, down from $129.00. Truist Securities also maintained a Hold rating with a target of $99.00, while Barclays kept its Equal-Weight rating with a target of $94.00. Scotiabank initiated coverage with a Sector Outperform rating and a target of $104.00. The consensus among analysts is a Hold rating with a mean target price of $105.46 based on 13 opinions.

About Pinnacle West Capital Corporation

Pinnacle West Capital Corporation, based in Phoenix, Arizona, provides retail and wholesale electric services primarily in Arizona. It operates through its subsidiaries, engaging in the generation, transmission, and distribution of electricity from various sources, including nuclear, gas, and solar. The recent analyst actions reflect ongoing interest in the company, particularly as it approaches its next earnings announcement.

Bottom Line

Investors should watch for Pinnacle West's upcoming earnings report on November 3, 2026, for insights into its financial health. The recent 13F filings and analyst ratings provide a snapshot of market sentiment, with Jefferies' lowered target highlighting the stock's current valuation against its potential upside.