In a report published Friday, Goldman Sachs Group reiterated its Neutral rating on Generac Holdings GNRC, and raised its price target from $25.00 to $38.00.
Goldman Sachs noted, “We see Generac as the biggest beneficiary of deteriorating confidence in power reliability borne of decades of slowing US power distribution investment, as home stand-by generators are uniquely positioned to fill the void for homeowners requiring higher reliability. We raise our EBITDA estimates by 30%, as Generac's densest distribution path is in the area impacted by Hurricane Sandy (2,200 out of 4,500 national dealers), and believe consensus is likely to underestimate earnings through 1H13. Our new $38 12-month target implies 12% upside. However, we maintain our Neutral rating as we would need conviction on an a longer ‘tail' of new residential home stand-by demand beyond the storm to get more constructive longer term.”
Generac Holdings closed on Thursday at $34.00.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in