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UPDATE: Goldman Sachs Upgrades Generac Holdings as Strong Execution Offsets a Post-Storm Lull

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In a report published Monday, Goldman Sachs analyst Jerry Revich upgraded the rating on Generac Holdings (NYSE: GNRC) from Sell to Neutral, and raised the price target from $32.00 to $49.00.

In the report, Goldman Sachs noted, “We upgrade GNRC to Neutral from Sell. Our Sell rating was predicated on an organic growth downturn in 2014 driven by declining post-storm generator demand following a 120% increase in two years. However, we clearly underestimated the impact of Generac's 25% increase in distributors and other initiatives that are driving a baseline level of demand that's 25% above our prior estimates and down only 7% from a 2013 peak compared to 30% declines following similar outage events in prior years. Since we added GNRC to the Sell List on 2/15/13, the stock is up 33% vs. S&P +16%.”

Generac Holdings closed on Friday at $50.44.

Latest Ratings for GNRC

DateFirmActionFromTo
Oct 2014KeyBancUpgradesHoldBuy
Aug 2014Canaccord GenuityDowngradesBuyHold
Jul 2014Bank of AmericaDowngradesBuyNeutral

View More Analyst Ratings for GNRC
View the Latest Analyst Ratings

Posted-In: Goldman Sachs Jerry RevichAnalyst Color Upgrades Analyst Ratings

 

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