Generac price target lowered to $150 from $155 at Piper Sandler

Piper Sandler lowered the firm’s price target on Generac to $150 from $155 and keeps an Overweight rating on the shares. The analyst says the “demand dichotomy” between utility and consumer end markets has persisted into Q3 earnings for the renewable and alternative energy space. Non-California markets may have found stability at lower levels, but NEM-2 backlogs within California are nearing exhaustion and the NEM-3 impact should become more apparent within forward guidance, the analyst tells investors in a research note. The firm struggles to see the residential developers sustainably rallying absent flat or declining rates.