Generac downgraded to Neutral from Outperform at Baird

Baird analyst Michael Halloran downgraded Generac to Neutral from Outperform with a price target of $119, down from $122. The analyst downgraded the shares to reflect limited upward catalysts and end market risks. Generac’s long-term dynamics remain intact, but the stock will not work until home standby generator sales show signs of inflecting and clean energy momentum reemerges, which are unlikely until the second half of 2023 at earliest, Halloran tells investors in a research note. He recommends a "defensive" position for the process controls sector into 2023.