UPDATE: Bank of America Upgrades Generac Holdings to Neutral on Sandy Impact
Bank of America raised its rating on Generac Holdings (NYSE: GNRC) from Underperform to Neutral and increased its price objective from $27 to $37.
Bank of America commented, "We upgrade GNRC from Underperform to Neutral as power disruptions postHurricane Sandy will likely have a sustained impact on demand in the next 12-24 months, making GNRC more a growth story than we have foreseen. Additionally, we think that a continued pick up in the US housing market will benefit GNRC. We raise '12 and '13 EPS, and now expect the company to deliver robust double-digit growth into the next year. We raise our PO from $27 to $37, as we expect the stock to receive an above-average multiple over the next year, reflective of premium growth momentum and investors' positive sentiment on Sandy-themed stocks."
Generac Holdings closed at $33.59 on Wednesday.
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