Roth Capital analyst Philip Shen double downgraded Generac to Sell from Buy with a price target of $75, down from $320. The company preannounced downside Q3 results and lowered its 2022 guidance resulting in a weak implied Q4, Shen tells investors in a research note. The analyst sees potential for Generac’s “late-cycle” C&I business to “rollover” with the coming recession and expects its clean energy business to “struggle ahead as it regains its footing with new leadership.” He expects the share downside to continue ahead and downgraded the shares until visibility improves.
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