Generac price target raised to $178 from $160 at JPMorgan

JPMorgan raised the firm’s price target on Generac to $178 from $160 and keeps a Neutral rating on the shares. The firm believes the set-up for the clean energy sector “tilts negative” heading into the Q3 reports. While companies that miss results and guidance will likely see selling pressure, those that beat could see a limited gain before being faded heading into the November 5 U.S. election, the analyst tells investors in a research note. Given its view that many investors are sitting on the sidelines and limiting headline risk leading up to the election, JPMorgan believes any scenario other than a Republican sweep could lead to a “broad-based relief rally.” Assuming no major shake-up from the election and heading into fiscal 2025, the firm is “becoming increasingly constructive” on U.S. residential solar as costs decline, competing utility prices are stable, and interest rates ease. JPMorgan’s top picks are First Solar (FSLR) and HASI (HASI).