Generac price target raised to $94 from $93 at BofA

BofA analyst Julien Dumoulin-Smith raised the firm’s price target on Generac to $94 from $93 and keeps an Underperform rating on the shares following Generac’s recent analyst day event. Despite management’s reiteration of 2023 guidance, there are risks to a cut still, says the firm, which cut its own 2023 top line number further below consensus and guidance at $4.06B. After the “puts and takes” to its model, the firm’s target moves up a dollar, but it sees “material risk” to consensus 2024 EBITDA estimates as its own estimates continue to reflect below guidance gross margins and elevated opex.