UPDATE: Bank of America Reinstates Generac Holdings with Buy on Position Strength

In a report published Monday, Bank of America analyst Ross Gilardi reinstated the firm's coverage on Generac Holdings

with a Buy rating and $45.00 price target. In the report, Gilardi noted, “Generac has a dominant 70% market share of the US residential standby power generation market, and leading positions in commercial and industrial power generation and ancillary markets. We see improving penetration for home standby power generation as the US housing renovation cycle accelerates, and in the aftermath of Hurricane Sandy and other natural disasters.Our house view is bullish on the outlook for the US housing market, and our economics team is forecasting US home prices to rise 8% and 6.5% in 2013-14, respectively. We see consumers reinvesting in their homes as values rise, and mortgage rates are at record lows. Generac is a great way to take advantage of this theme, as offering exposure to North America with 60% of sales from residential markets.” Generac Holdings closed on Friday at $35.07.