Why Generac Stock Popped on Wednesday
Shares of generator maker Generac Holdings (NYSE: GNRC) jumped 3.9% as of 11:45 a.m. ET on Wednesday, boosted by a pair of positive notes from Wall Street analysts.
This morning, investment bank Northland Capital named Generac its "top pick for 2023," reports The Fly, while Janney Montgomery Scott initiated coverage of the stock with a buy rating.
Citing a series of events that caused power outages in the U.S. in December -- an earthquake in California, apparent terrorist attacks on electrical substations in North Carolina and Washington, and most recently the deadly Christmas snowstorm that led to 1.5 million homes losing power -- a Northland analyst expects demand for home standby (HSB) power generators to drive profits at Generac in 2023. In his estimation, Generac stock could nearly double to a target price of $180 by the end of next year.
Source Fool.com
