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S&P Capital IQ downgrades Pinnacle West shares to 'sell'

S&P Capital IQ on May 3 downgraded shares to "sell"from "hold" and increased its 12-month price target on the company to$69 from $67.

Capital IQ reduced its full-year 2016 EPS estimate forPinnacle West by 6 cents to $3.94, while the 2017 EPS estimate was raised by acent to $4.20.

"We think PNW's capital spending will drive EPS higher,but we think the shares are overvalued," analyst Christopher Muir noted.

Pinnacle West's first quarter earnings missed the Capital IQconsensus by 7 cents due to higher maintenance expenses.

S&P Capital IQ andS&P Global Market Intelligence are owned by S&P Global Inc.