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General Holdings (NYSE:GNRC) Late Tuesday, analysts at financial services firm Oppenheimer downgraded its investment rating to “perform” from the previous rating of outperform. They said the maker of backup generators and solar equipment was valued more fairly after recent gains.
Generac’s (GNRC) shares are up about 20% this year and about 30% in the past 12 months.
Christopher Glynn said: “Our execution rating reflects the solid outlook for longer-term revenue expansion, driven by the expected resilience of core standby demand fundamentals and plans to expand residential energy technology, while taking into account intermittent household Standby demand patterns and eventual demand penetrating broader demographics “Given the recent reset and growing signs of underlying grid power quality challenges, we are less concerned about near-term residential standby revenue comparative pressures. “
Following the downgrade, Oppenheimer suspended its $145 per share price target on Generac ( GNRC ).
Last week, CFRA Research downgraded Generac (GNRC) stock.
