Generac gains after KeyBanc upgrade on Amazon deal
GNRC•Generac shares rose 1.2% premarket after KeyBanc upgraded the power equipment maker to overweight from sector weight. KeyBanc cited Generac’s data center power deal with Amazon and its target of $3 billion-$3.2 billion in data center revenue by 2028.
1. Upgrade and revenue target
KeyBanc said Generac’s data center power deal with Amazon validates its position as a major generator supplier. The brokerage also highlighted management’s confidence in ramping up the supply chain and its disciplined capital allocation following multiple portfolio divestitures. Generac was up more than 62% year to date through the prior close.
