Needham analyst Sean Milligan reiterated a Buy rating and $283.00 price target on Generac Holdings (NYSE: GNRC).

The analyst comments "After the close yesterday (9/16), GNRC disclosed a long-term supply agreement (LTSA) with Amazon for data center backup generators, with initial deliveries expected to total $2.4B across 2027 and 2028, alongside a seven-year warrant for up to 1,693,745 shares at $200.93. The transaction builds on a June 24, 2026 Global Purchase Agreement with Amazon Data Services, matching the date GNRC previously disclosed for its second hyperscale agreement, so we read Amazon as hyperscaler 2. We view the announcement as a step-change in 2027–2028 visibility. The agreement also reduces a recent engine-sourcing overhang following the August 2026 Executive Order addressing foreign-produced bulk-power-system equipment. Our estimates are under review; we maintain our Buy rating and $283 PT."

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Shares of Generac Holdings closed at $175.11 yesterday.