Baird analyst Michael Halloran said the long-term opportunity for Generac implies a higher share price and he sees multiple near- and long-term catalysts ahead. The analyst said current trends are tracking toward the high end of baseline guidance and catalysts unfold, the shares should see multiple expansion. He said the company has more optionality than at any point in its history including secular drivers such as 5G build out, Clean energy strategy, and California penetration. Halloran reiterated his Outperform rating and $86 price target on Generac shares.

Roth MKM analyst Chip Moore raised the firm's price target on Generac to $135 from $120 and keeps a Neutral rating on the shares ahead of its Q1 results. The company's core trends are improving heading into the print, though the firm will also look for better visibility on the commercial and industrial demand and the clean energy portfolio to get more constructive, the analyst tells investors in a research note. Roth MKM adds that it is positive on Generac's strategy and potential, though it still finds risk/reward on the stock as "balanced at current levels".