Generac upgraded to Buy from Hold at Canaccord

Canaccord analyst George Gianarikas upgraded Generac to Buy from Hold with a price target of $175, up from $104. The analyst believes the company’s fundamentals will improve in the second half of 2023 as management works to purge inventory in the first half. Generac continues to ramp its dealer network, helping to buoy underlying demand and support conviction around a second half of 2023 return to growth, the analyst tells investors in a research note. Longer term, Canaccord expects the company to continue to build its clean energy portfolio both organically and through acquisitions to leverage its "crown jewel dealer network" to become a renewables leader.