** Shares of Generac Holdings GNRC.N fall 3% to $199 in premarket trading

** BofA lowers co's price target to $248 from $260, representing a 20.9% upside on stock's last close

** "Generac is pivoting from an outage-sensitive residential generator business into a diversified power resiliency platform with structural exposure to AI-driven data center demand," brokerage says

** Adds that investor frustration is understandable as GNRC came in investor day without a hyperscaler purchase order

** Brokerage says while co's backlog jumped to $700 mln from $400 mln at Q4, the bottleneck is alternators at 3MW+, with supply easing into late 2026

** On Wednesday, GNRC said it will reorganize its Domestic and International segments into Residential and Commercial & Industrial (C&I) divisions, effective March 31

** As of last close, shares up about 50.4% YTD