Why Generac Holdings Stock Is Charging Higher Today

Generac Holdings Inc GNRC shares are trading higher Wednesday following positive analyst coverage from Janney Montgomery Scott.

What Happened: Janney Montgomery Scott analyst Sean Milligan initiated coverage on Generac with a Buy rating and announced a $160 price target, citing an attractive valuation relative to the competition.

Although the home generator business is set up for softness in the near term, Milligan believes its already priced in with the stock down approximately 75% since the start of the year. 

Generac designs and manufactures power generation equipment serving residential, commercial and industrial markets. Generac has been one of the worst performing stocks in the S&P 500 in 2022.

See Also: Nasdaq, S&P 500 Futures Point To Cautious Start On Wednesday As Year-End Rally Proves To Be Non-Starter

GNRC Price Action: Generac has a 52-week high of $357.15 and a 52-week low of $86.29.

Generac shares are up 3.07% at $93.95 at time of publication, according to Benzinga Pro.

Photo: Scott Lewis from Flickr.