Citi analyst Vikram Bagri downgraded Generac to Neutral from Buy with a price target of $140, down from $380, after taking over coverage of the name. The analyst believes 2023 will be challenging year for the company as it attempts to reduce inventories and expand its dealership presence. Slower manufacturing of products and promotional pricing to clear inventory will hurt margins in the first half of 2023, the analyst tells investors in a research note.
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