Generac's stock fell after BofA turned bearish, saying the home-generator maker's ambitious 2023 outlook seems 'increasingly out of reach.'
Shares of Generac Holdings Inc. took a hit Friday after BofA Securities analyst Julien Dumoulin-Smith effectively threw in the towel on the portable- and home-generator maker, saying hopes that the worst was in the past have faded as pressures mount in its residential business.
The stock GNRC fell 2.4% in midday trading, enough to put it among the S&P 500’s SPX worst performers. “After [Generac’s] precipitous fall from grace as the second worst performing stock in S&P in 2022, we argued shares had largely flushed out into 2023,” Dumoulin-Smith wrote in a note to clients. “However, [Generac’s] ambitious [fiscal year 2023] guidance seems increasingly out of reach to us, as pressures mount in the residential segment.”
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