Generac stock rises after catching a new Buy rating

Oct. 15, 2021 1:23 PM ETGenerac Holdings Inc. (GNRC)By: Kim Khan, SA News Editor11 Comments

Americans Turn To Home Generators As Large Parts Of Nation Experience Freezing Temperatures

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  • Generac (NYSE:GNRC) +4.8% is among the top performers in the S&P 500 and is looking at gains of more than 10% for the week.
  • The generator maker was initiated with a Buy rating at Truist, with a $500 price target, about 10% higher than current levels.
  • Truist analyst Tristan Richardson says GNRC is a way to play multiple secular growth trends without the risk of a startup company.
  • Richardson expects "substantial opportunity in backup power in tandem with new product launches in clean energy markets will continue to unlock meaningful value for GNRC," according to Bloomberg.
  • Shares may also be benefiting from a new Pew Research poll where two out of three Americans say that extreme weather events are happening more frequently, according to Hammerstone Markets.
  • See the full investor day presentation.

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