Generac Holdings (GNRC) is pushing higher, as hoped.
Back on June 22, we noted, “GNRC has a history of turning higher in most hurricane seasons and heat waves. That’s because demand for generators typically rises—especially if there are going to be power outages.” Now, we’re hearing there’s an extreme heatwave headed for Phoenix and the Southwest, which could lead to even more demand for generators. Plus, power grids are being strained, which could serve as another powerful catalyst.
For those reasons, we still like GNRC at current prices. From $128, the GNRC stock is now up to $136.08 after testing $151.94. In fact, we’d use the recent pullback as an opportunity, with GNRC finding strong support at current prices.