UPDATE: JP Morgan Raises PT to $31 on Generac on Solid Q3

JP Morgan reiterated its Neutral rating on Generac

but raised its price target from $25 to $31. JP Morgan commented, "Generac's 3Q brought another solid beat and raise, a function of not only storm and end market dynamics, but further success on internal growth initiatives, including channel expansion, power washers and branded products – all factors to count on for longer-term growth. From here, Sandy should provide a tailwind over the next few quarters, but this is a dynamic we think is fairly captured in the company's 11x EBITDA multiple, a near 35% premium. The active storm season actually raises the bar for 2013, and with revenue now ~70% off trough, the best in the group, we think valuation fairly reflects the firm's outlook and we remain on the sidelines. Generac closed at $34.35 on Friday.