Why Shares of Generac Holdings Are Tumbling Lower Today
Closing 3% lower yesterday than where they ended the abbreviated trading session on Friday, shares of Generac Holdings (NYSE: GNRC) started the week on an inauspicious note -- one it's continuing today. Thanks to an analyst's bearish note, investors are unplugging the backup power specialist from their portfolios this morning.
As of 9:55 a.m. ET, shares of Generac are down 2.6%, recovering from their earlier decline of 4.8%.
Advising investors that Generac Holdings faces headwinds from the disruptive nature of bidirectional charging in electric vehicles (EVs), Saree Boroditsky, an analyst at Jefferies, downgraded the stock from hold to underperform and reduced the price target to $85 from $95, according to The Fly. In addition, Boroditsky suggested that Generac faced "material downside risk" in its financials after strong performance in the company's sales of residential and small business generators.
Source Fool.com
