George Frey
Generac (NYSE:GNRC) shares jumped 5.6% on Wednesday as Janney Montgomery analyst Sean Milligan started coverage at Buy.
He explained that the stock’s steep slide in 2022 has left it undervalued, especially given its growth levers. This includes home devices and battery offerings to supplement its generator business.
“Despite near-term headwinds, the core business exhibits secular growth trends,” Milligan wrote. “Having spent a total of $902M on 13 acquisitions since 2019, Generac (GNRC) now has a roadmap to deliver a complete suite of residential solar and storage products to the market.”
He assigned a $160 price target to the stock, suggesting significant upside still from Wednesday’s closing price of $96.24.
Dig into the company’s valuation.
