UPDATE: KeyBanc Capital Markets Upgrades Generac Holdings to Buy on Demand Outlook
KeyBanc Capital Markets raised its rating on Generac Holdings (NYSE: GNRC) from Hold to Buy with a $38 price target.
KeyBanc Capital Markets commented, "We are upgrading shares of GNRC to BUY from HOLD based on our expectation that the impact from Hurricane Sandy will drive meaningful upside earnings revisions near term while accelerating adoption rates for portable and home standby generators longer term given the breadth and magnitude of this storm (coupled with Hurricane Irene, which impacted a similarly large density of population). … Equally important, we view GNRC as a best-in-class company in terms of operational execution, quality of management and compelling brand presence/awareness, which should collectively allow the Company to fully capture the favorable (albeit unfortunate) impact from the storm."
Generac Holdings closed at $28.33 on Friday.
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