Generac Holdings (GNRC)
With much colder days ahead, keep an eye on generator stocks, like Generac (GNRC).
After becoming aggressively oversold, Bank of America just upgraded GNRC to neutral, with a price target of $110 from $76. “GNRC is farther along in its channel destock cycle,” analyst Julien Dumoulin-Smith said. “With greater visibility into its channel, we argue GNRC is relatively better positioned than many product businesses in our coverage. After a refreshed look at the business, we see fewer lingering risks into 2024 than previously understood.”
From a current price of $109.62, we’d like to see GNRC test $120 initially. Eventually, it could refill its bearish gap from about $155 a share.
Ian Cooper is an experienced trader who uses a combination of technical, fundamental, and news analysis to help individual investors grow their wealth. Ian’s Premium Options Strategies