Oppenheimer Raises Estimates on Generac Holdings (GNRC) After the Midwest Deep Freeze
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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."
Shares of Generac Holdings closed at $305.72 yesterday.
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