As previously reported, Morgan Stanley analyst Stephen Byrd downgraded Pinnacle West Capital to Underweight from Equal Weight. He sees more regulatory uncertainty in Arizona, given that the company was called in for a rate case earlier than planned due to customer complaints, two of five energy commissioners there are new this year and a commissioner election is scheduled for late 2020. Byrd also sees several areas of potential negative revisions in the upcoming rate case and is concerned about downside to Pinnacle's 2021 earnings power, he tells investors. The analyst lowered his price target for Pinnacle shares to $90 from $98.