Citi raised the firm’s price target on Generac to $128 from $124 and keeps a Neutral rating on the shares. The analyst updated the company’s model ahead of the Q4 print. Residential sales appear to be trending in-line with expectations with some signs of weakness in Q1, the analyst tells investors in a research note. The firm sees risks to C&I being lower than Street expectations in 2024. However, weaker revenues from lower-margin telecom and rental businesses within C&I should positively impact overall gross margins, contends Citi.
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