Oppenheimer Raises Estimates on Generac Holdings (GNRC) After the Midwest Deep Freeze

March 5, 2021 9:07 AM EST
Get Alerts GNRC Hot Sheet
Price: $330.41 -0.45%

Rating Summary:
    14 Buy, 3 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 5 | Down: 3 | New: 10
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Oppenheimer analyst Christopher Glynn reiterated an Outperform rating and $350.00 price target on Generac Holdings (NYSE: GNRC) while raising estimates after the Texas/regional outages/deep freeze for expected influx of serviceable demand for portable generators during 1Q/1H21, with no change to 2H outlook, given that guidance indicated producing home standby product to expected capacity during 2021.

The analyst stated "We are raising 2021E EPS by $0.10 to $8.70, assuming a likely minimal $30M incremental 1H sales of portable generators; raising '22E EPS by $0.20 increment to $9.50 based on further-enabled utilization of new HSB capacity. Guidance noted that a major outage event would probably not impact the 2021 HSB volumes, so much as further entrench demand visibility well into 2022. GNRC ended 4Q20 with 18-week lead times that were around 20 weeks when GNRC reported results; we anticipate more extension."

For an analyst ratings summary and ratings history on Generac Holdings click here. For more ratings news on Generac Holdings click here.

Shares of Generac Holdings closed at $305.72 yesterday.

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