Ahead Of The Bell: Pinnacle West Upgraded

NEW YORK (AP) — Pinnacle West Capital Corp.'s shares are "trading cheap" and the electricity and energy provider's earnings will likely recover as rates improve, said one analyst as he upgraded the stock.

Since the beginning of the year, shares of the Phoenix-based company have shed $6.97, or 21 percent, of its value to close at $26.15 on Friday. Credit Suisse analyst Dan Eggers said that compared to its peer group, this stock price "looks compelling."

Eggers said the stock value, along with the company's constructive rate case settlement, transmission rate increases and interim rate increases, prompted him to upgrade the company's stock to "Outperform" from "Neutral." ...