Wells Fargo downgraded Generac Holdings to equal weight from overweight, saying that the company could miss its ambitious goals for the second half of 2023.
Generac may be a bit too optimistic about its prospects going forward, according to Wells Fargo. Analyst Praneeth Satish downgraded the stock to equal from overweight, noting the power generator maker could fall short of its aggressive 2023 guidance. He reiterated his target price of $135, implying only a 3.9% upside from the stock's closing price of $129.91 on Thursday.
"This equates to quarterly EBITDA more than tripling from Q1 to Q4," the analyst wrote on a Friday note. "Ultimately, this seems aggressive to us, as there's limited visibility into installation capacity growth and clean energy challenges." Wells Fargo's base case assumes a more moderate growth rate for the next two years, forecasting revenue to decline 12% in 2023 before growing 11% in 2024.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
The Best And Worst Banks Of 2023Community banks like CVB Financial thrive, while trillion-dollar giants like Wells Fargo slide.
Les mer »
The Best And Worst Banks Of 2023Community banks like CVB Financial thrive, while trillion-dollar giants like Wells Fargo slide.
Les mer »
Here are Thursday's biggest analyst calls: Apple, Tesla, Generac, Coinbase, Meta, Roku, Roblox & moreAnalyst call of the day for CNBCPro subscribers: Bernstein reiterates Tesla as underperform and said Tesla shares remain overvalued. Subscribe to see the analyst calls of the day curated by CNBC Pro.
Les mer »
Canaccord Genuity upgrades Generac, says generator builder stock can surge nearly 30%Analyst George Gianarikas upgraded the stock to buy from hold and raised his price target by $71 to $175.
Les mer »
The 2023 Hollywood Issue: Selena Gomez, Austin Butler, Florence Pugh & MoreFor our 29th annual Hollywood cover, a dozen captivating young stars gather for the after-party of our dreams.
Les mer »
Mercedes-AMG F1 W14: back in black for 2023You're looking at the new Mercedes W14
Les mer »