Generac Holdings (NYSE:GNRC) fell early Friday following a downgrade to underperform from neutral by Bank of America. The firm said Generac’s guidance for the 2023 fiscal year seems out of reach with its residential segment pressured.
“Despite management’s insistence that channel inventory congestion will be alleviated by 2H23, this recovery is difficult to underwrite when latest winter storms do not accelerate inventory drawdown,” according to BofA. “Into a deteriorating macro environment with a strained residential consumer, we highlight risk to further HSB [home standby] underperformance on volumes and pricing.”
Elsewhere in the news, has been named one of America's Most Trustworthy Companies by Newsweek.
America's Most Trustworthy Companies 2023 were identified in an independent survey conducted by Newsweek in partnership with Statista. Approximately 25,000 U.S. residents were surveyed, rating companies on three touchpoints: customer trust, investor trust, and employee trust. A total of 95,000 evaluations were submitted. All companies headquartered in the US with a revenue over $500 million were considered in the study.
"We've built our name by making products that customers rely on," said CEO Aaron Jagdfeld, "Generac's recognition as one of America's Most Trustworthy Companies is another well-deserved acknowledgement of our employees who strive to do right by our customers, day in and day out."
GNRC tumbled $7.32, or 6.5%, Friday to $104.65.
