Piper Sandler raised the firm’s price target on Generac to $155 from $150 and keeps an Overweight rating on the shares. In the firm’s view, Generac needed to make a case for revenue growth into 2024 using conservative assumptions for investor sentiment to improve. Piper believes the company met that hurdle by quantifying the degree it expects to under-ship the channel in 2023, assuming a continuation of soft consumer spend for large ticket items into 2024, and limited C&I growth next year. Generac believes it is closer to the end of the HSB de-stocking cycle and expects to return to normal by early 2024. Overall, the firm was “encouraged” by its multi-year outlook and, if the company successfully executes, sees a path for the multiple gap vs. industrial peers to close.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on GNRC:
- Early notable gainers among liquid option names on September 27th
- Generac price target lowered to $135 from $165 at Scotiabank
- Generac opens engineering center of excellence in Nevada
- Generac’s investor day to provide updates on clean energy business, says CL King
- Generac announces plans for new manufacturing facility in Wisconsin