Generac price target raised to $136 from $119 at Baird

Baird analyst Michael Halloran raised the firm’s price target on Generac to $136 from $119 and keeps a Neutral rating on the shares. The analyst said execution against the steep guidance ramp is the key near-term catalyst. History coupled with magnitude of inventory impact directionally suggests the ramp is achievable if underlying dynamics/trends hold, but there are a lot of moving pieces and risks remain. We look to turn constructive as visibility improves.