Generac , the home backup generator manufacturer, is poised to benefit from increasing weather disasters, deteriorating grid reliability and an aging population in the U.S., according to Bank of America. The bank initiated coverage of Generac on Monday with a $182 stock price target, implying potential 12-month upside of nearly 40% from Friday’s closing share price of $131.52. Severe weather disasters that result in damage of at least $1 billion now average 23 per year and have doubled since the 2010s, according to Bank of America. Key states exposed to severe weather including California, Florida and Texas remain underpenetrated by Generac, according to the bank. Meanwhile, the number of senior citizens in the U.S. will grow to 82 million by 2030, compared to 58 million in 2022, according to the bank. The growing population of seniors will need reliable power for medical devices and refrigerated medication. “While Baby Boomers remain the top buyers of home standby generators, demand is expanding to Gen X and older Millennials, who see backup power as essential for home security, extreme weather resilience and remote work,” analyst Dimple Gosal told clients in a note. “Meanwhile, migration to outage-prone states like TX and FL … highlights the need for resiliency.” Generac’s generators run on natural gas or liquid propane, but the company also offers a solar and battery storage system with smart home energy management system. While the residential solar sector is struggling, Generac’s offerings provide “a foundation for future opportunities,” Gosal said. Generac’s stock has an “attractive valuation” with shares pulling back about 15% since the start of the year, according to Gosal. “We see a compelling entry point here,” the analyst said. GNRC YTD mountain Generac in 2025.
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