UPDATE: Goldman Sachs Lowers PT on Pinnacle West Capital to $43

Goldman Sachs is out with its report today on Pinnacle West Capital PNW, lowering its PT from $44 to $43. In its report, Goldman Sachs writes, "After 2Q2011 reporting, for which PNW reported $0.78 versus GS/consensus of $0.85/$0.88 and lowered its 2011 guidance, we lower our 2011-2014 EPS estimates from $2.96/$3.37/$3.47/$3.85 to $2.84/$3.31/$3.42/$3.84. Our revised projections reflect higher property taxes and reduced near-term demand, more than offsetting lower O&M expenses. We maintain our Neutral rating and lower our 12-month target price from $44 to $43." Shares of PNW closed Tuesday at $41.41, down 1.76% from Monday's close.