-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
We lower our 12-month target by $2 to $103, 18.5x our 2027 EPS view, slightly above peers as we see highly supportive economic trends in PNW's service territory. We lift our 2026 EPS view by $0.04 to $4.73 and lower 2027 EPS by $0.25 to $5.58. For the full year, higher interest costs and share dilution are expected to be offset by continued strength in transmission investment returns, retail electricity sales growth, and disciplined expense management. Along with strong population and job growth, we think growing demand from data centers and semiconductor manufacturing present strong long-term growth opportunities for the company. From 2025 to 2028, we anticipate dividend growth will be 3.4% on a compounded annual basis, well below our expectations for peers. We expect a dividend payout ratio near 78.5% in 2026, well above peer levels. However, we anticipate that the payout ratio will moderate somewhat as EPS growth outpaces dividend growth over time.