2023-07-11 16:08:40 ET
Generac Holdings ( NYSE: GNRC ) on Tuesday was upgraded to Buy from a previous investment rating of Hold by analysts at Argus Research. They said the maker of backup generators and solar equipment is poised to outperform the broader market amid efforts to cut costs, reduce retail inventories and increase sales.
“We see strong opportunities for the company in electric vehicle charging and the management of grid services, and note that management expects double-digit growth in these areas over the next three years,” Kristina Ruggeri, analyst at Argus, said in a July 11 report.
Argus set a price target of $155 a share on Generac ( GNRC ) based on its historical trading patterns.
“On a fundamental basis, the shares are trading at 17 times our 2024 EPS estimate, toward the low end of the historical range of 14 times to 44 times. They are trading at 2-times sales, also near the low end of the historical range of 1.5 times to 6.5 times,” according to Argus.
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Generac upgraded to Buy at Argus Research