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Benzinga
Benzinga
Business
Akanksha Bakshi

Wells Fargo Initiates Generac Coverage With Overweight Rating

  • Wells Fargo analyst Praneeth Satish initiated coverage of Generac Holdings Inc. (NYSE:GNRC) with an Overweight rating and price target of $285.
  • Satish noted the company is well-positioned to benefit from the continued growth of the home standby (HSB) market.
  • The analyst mentions that the company recently added clean energy solutions, including residential solar inverters and battery storage, energy management devices, and power grid software platforms.
  • Satish forecasts GNRC to grow revenue at a 10-year CAGR of ~8%, driven primarily by increasing grid instability due to frequent extreme weather events and an increased reliance on intermittent renewable power generation.
  • The analyst sees modest growth in the new residential solar business, which could represent a long-term upside to the analyst's model.
  • Also ReadShort Seller Spruce Point Targets Generac, Alleges 'Numerous Shady M&A Deals'
  • Price Action: GNRC shares are trading lower by 2.04% at $212.58 on the last check Wednesday.
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