Generac price target lowered to $160 from $170 at Northland

Northland lowered the firm’s price target on Generac to $160 from $170 and keeps an Outperform rating on the shares after the company delivered a Q4 miss and lower-than-expected 2024 guidance. Cyclical weakness in the Commercial and Industrial segment “came on abruptly,” as telecom and national rental accounts can quickly turn on/off orders, but in the firm’s view this is better than seeing the same in residential, as the bear argument revolves around the idea that home standby generator demand could fall to pre-Covid levels or lower if there were some kind of saturation level hit, which the firm adds “does not seem to be the case.”