** Shares of Generac Holdings fall as much as 4.5% to $164.51 early Thurs, pulling back from a recent rally induced by Hurricane Milton

** GNRC has pared some losses, and last down 2.2% at $168.51

** Milton marched across Florida, knocking out power to more than 3 mln homes and businesses, just weeks after Hurricane Helene hit the state

** Through Weds, GNRC shares had gained roughly 20% over the past three weeks, and then surged to a 2-yr high last week as Milton strengthened to category 4 hurricane

** GNRC tends to rise during major storms as investors bet on increased demand for its backup generators

** Meanwhile, Florida-focused insurers recover as losses from Milton are tallied

** Including Thurs move, GNRC up ~30.5% YTD vs S&P 500 Industrials sector's 19% advance

** Avg rating among 25 analysts is "buy" and median PT of $161.50 up from $144.50 on Jul 10, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))