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Friday, June 03, 2022 11:48:28 PM

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>>> Buy Generac Stock, Analyst Says. It’s a Top Alternative Energy Bet


Barron's

By Karishma Vanjani

June 2, 2022


https://www.barrons.com/articles/buy-generac-stock-analyst-51654203046?siteid=yhoof2


Demand for home standby generators post-pandemic is moderating, UBS said.

Generac Holdings’ stock got energized on Thursday after UBS called the generator market its top pick, citing the growth in the clean energy segment.

The stock (ticker: GNRC) jumped 10.3% to close at $268.95 on Thursday. It’s fallen some 24% this year. UBS analyst Jon Windham has a 12-month price target of $450 on the stock.

This is an attractive entry point for investors, Windham said, rating the stock at Buy. Windham sees a long-term upside from Generac’s smart home energy product rollout, driven by a more permanent shift in consumers’ inclination to spend on home improvement projects.

Generac recently acquired ecobee, a smart thermostat manufacturer, and offers generators that can be monitored using a smartphone. It also has a battery storage system called PWRcell that harnesses solar power to reduce electric bills and provide backup power during utility power outages.

He forecasts Generac’s Clean Energy revenue will grow to $1.7 billion by 2026 from roughly $550 million in 2022.

Windham also anticipates higher renewable penetration to drive new electricity rate structures in the U.S., which could boost the uptake of Generac’s products. There is a continuing trend toward time-of-use electricity rate structures, which charge customers varying prices per kilowatt-hour based on the demand at that time. Traditional electricity rates have a fixed charge.

That new structure encourages the growth of residential storage and other smart home hardware, he noted.

To be sure, Windham does highlight that demand for home standby generators post-pandemic is moderating, but that is fully reflected in the current share price, he added.

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