Generator Generac’s third-quarter results blew past analysts’ estimates this week
Generac Holdings Inc.’s stock has been attracting plenty of positive analyst attention following the generator maker’s third-quarter results, which blew past profit and revenue estimates Wednesday.
Following its third-quarter results, Generac’s stock ended Wednesday’s session up 14.4%, marking its largest daily percentage increase since Nov. 10, 2022, when it gained 13.3%, according to Dow Jones Market Data. Of 27 analysts surveyed by FactSet, 13 had an overweight or buy rating, 12 had a hold rating and two had an underweight or sell rating. The consensus price target was $135.98, 41.5% above Wednesday’s close of $96.13.
Stifel upgraded Generac to buy from hold and raised its price target to $135 from $130 Wednesday, citing favorable risk/reward in the company’s shares. Positives include the company’s valuation and solid underlying growth in Generac’s home standby generator business, supported by rising grid instability, according to Stifel analyst Stephen Gengaro. “After being on standby since assuming coverage about a year ago, we believe the risk/reward in the shares is favorable,” he wrote.
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