UPDATE: Stifel Nicolaus Upgrades Generac Holdings to Buy Following Sell-Off
Stifel Nicolaus upgraded Generac Holdings (NYSE: GNRC) from Hold to Buy and announced a $42.00 price target.
Stifel Nicolaus said, "Generac finished 2012 on a high note with record EPS and revenues. Despite the solid quarter and reasonable outlook shares of GNRC fell 9.2% (compared to a 0.07% gain in the S&P). Some of the selloff was likely due to profit taking while others viewed the margin deleveraging as a disappointment. Lastly, there were some who just now realized that comparisons become more difficult given the heightened storm activity over the past 18 months. Regardless we feel the selloff was overdone and now presents investors with an attractive opportunity. We are increasing our rating to Buy and establishing a $42 target price."
Generac Holdings closed at $35.66 on Thursday.
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