Generac Holdings Upgraded by Goldman Sachs Group Inc. to “Neutral” (GNRC)
Generac Holdings (NASDAQ:GNRC) was upgraded by equities research analysts at Goldman Sachs Group Inc. from a “sell” rating to a “neutral” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm currently has a $49.00 target price on the stock, up from their previous target price of $32.00. Goldman Sachs Group Inc.’s price objective would suggest a potential downside of 0.99% from the stock’s previous close.
The analysts wrote, “We upgrade GNRC to Neutral from Sell. Our Sell rating was predicated on an organic growth downturn in 2014 driven by declining post-storm generator demand following a 120% increase in two years. However, we clearly underestimated the impact of Generac’s 25% increase in distributors and other initiatives that are driving a baseline level of demand that’s 25% above our prior estimates and down only 7% from a 2013 peak compared to 30% declines following similar outage events in prior years. Since we added GNRC to the Sell List on 2/15/13, the stock is up 33% vs. S&P +16%.”
GNRC has been the subject of a number of other recent research reports. Analysts at William Blair reiterated a “market perform” rating on shares of Generac Holdings in a research note to investors on Friday. Separately, analysts at Canaccord Genuity raised their price target on shares of Generac Holdings from $47.00 to $52.00 in a research note to investors on Friday. They now have a “buy” rating on the stock. Finally, analysts at KeyCorp downgraded shares of Generac Holdings from a “buy” rating to a “hold” rating in a research note to investors on Thursday. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Generac Holdings currently has a consensus rating of “Buy” and a consensus price target of $45.82.
Shares of Generac Holdings (NASDAQ:GNRC) traded down 1.88% during mid-day trading on Monday, hitting $49.49. The stock had a trading volume of 1,336,739 shares. Generac Holdings has a 1-year low of $22.71 and a 1-year high of $44.30. The stock has a 50-day moving average of $41.65 and a 200-day moving average of $37.89. The company has a market cap of $3.375 billion and a price-to-earnings ratio of 22.73.
Generac Holdings (NASDAQ:GNRC) last posted its quarterly earnings results on Thursday, October 24th. The company reported $1.06 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.83 by $0.23. The company had revenue of $363.30 million for the quarter, compared to the consensus estimate of $341.92 million. During the same quarter in the prior year, the company posted $0.78 earnings per share. The company’s quarterly revenue was up 20.9% on a year-over-year basis. On average, analysts predict that Generac Holdings will post $4.00 earnings per share for the current fiscal year.
In other Generac Holdings news, CEO Aaron Jagdfeld sold 6,287 shares of the company’s stock on the open market in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $40.15, for a total transaction of $252,423.05. Following the completion of the sale, the chief executive officer now directly owns 637,076 shares of the company’s stock, valued at approximately $25,578,601. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Generac Holdings Inc (NASDAQ:GNRC) is a designer and manufacturer of a range of generators and other engine powered products for the residential, light commercial, industrial and construction markets.
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