Am I allowed to use another companies name in my advertising if I am claiming to be a generic version of their product?

As long as the comparison is truthful and you can prove with empirical data. You may have seen cellular service provider corporation advertisements. They compare with competitor speed, coverage in the advertisement based on the third party assessment tool. Sometimes, these advertisements may be slightly misleading. These are big corporations and will be able to defend themselves from claims of slightly misleading content. Totally misleading advertisement with no factual basis is illegal and most probably get sued by Federal Trademark Commission (i.e., F.T.C.) and competitor. Your best shot would be to find an expert third party independent company in your product category of the industry. Disclaimer: The response is general in nature and cannot be construed as legal advice. If you would like to have legal advice, then please consult any competent attorney privately to discuss your case and establish a proper attorney-client relationship. I only work through my website at https://affordabletrademarkattorney.com/