Stifel analyst Stephen Gengaro upgraded Generac to Buy from Hold with a price target of $135, up from $130. The analyst believes the risk/reward in the shares is favorable. Generac’s positives include a normalization of home standby generator field inventory levels;, roughly $300M of home standby generators sales growth in 2024 simply due to under-shipping demand in 2023, solid underlying growth in the home standby generators business supported by rising grid instability, and an attractive valuation, the analyst tells investors in a research note.
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