As previously reported, BofA/Merrill analyst Julien Dumoulin-Smith upgraded Pinnacle West to Buy, saying the concerns around regulatory risk around the pending Arizona Corporation Commission, or ACC, is subsiding. The analyst cites the Administrative Law Judge recommendation issued in the customer rate complaint case calling for rejection of the complaint, even with the final ACC order is still pending with the Staff review report due by May 3rd. Dumoulin-Smith adds that his FY21/FY22 estimates are unlikely to be materially impacted regardless and believes that his Buy rating on Pinnacle West's is justified by its "upside potential and attractive valuation", though he also lowers his price target on the stock to $105 from $106 to account for a slight decline in peer group valuation.