Truist cuts Generac to Hold, sees macro headwinds posing risk to second half

Truist analyst Jordan Levy downgraded Generac to Hold from Buy with a price target of $145, down from $160. The analyst warns that high interest rates along with higher product prices are prolonging the company’s recovery and posing a meaningful risk to Generac’s 2023 financials. The firm added that while there’s a road to recovery for both HSB & clean energy, the near-term macro and market headwinds present heightened downside risk to return-to-growth in the second half of 2023 and could lengthen the recovery period.