Ian Cooper’s Stock Pick of the Week

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

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