UPDATE: Generac Holdings (GNRC) PT Raised to $410 at Piper Sandler on 4 Key Takeaways from Management Meeting

Piper Sandler analyst Pearce Hammond raised the price target on Generac Holdings (NYSE: GNRC) to $410.00 (from $400.00) after meeting with management. Key takeaways include:

• Product breadth, extensive dealer network and brand name offer the company a sustainable competitive advantage
• C&I is seeing substantial pent up demand that could last for 3-5 years
• Enbala is only a $10M/yr biz but should help capture grid services opportunities
• Energy storage sales could reach ~$500M in revenue over the next few years with a mid 30% GM

The analyst reiterated an Overweight rating, stating "We are now projecting C&I revenues to grow by 40% in Q2'21 to $217M (Previously $209M), we are also increasing our Q3'21 estimate by 11% from $203M to $225M." "We are comfortable being above management's guidance considering the incrementally positive commentary surrounding the C&I business, and the fact that our model now accounts for the DSE acquisition."

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