Guggenheim analyst Joseph Osha downgraded Generac to Neutral from Buy and removed the firm’s prior price target of $120. The company is making progress in its efforts to improve installation delays and bring its dealer inventory under control in its home standby generator business, but Guggenheim believes Generac is still likely to undership end demand through the first part of 2023 and the firm’s earnings outlook for 2023 continues to be below consensus. The firm views the stock as fairly valued following its recent rally, the analyst tells investors.
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