Credit Suisse Upgrades Oshkosh (OSK) to Neutral
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Credit Suisse upgraded Oshkosh (NYSE: OSK) from Underperform to Neutral with a price target of $54.00 (from $50.00), saying Friday's sell-off was overdone.
Analyst Jamie Cook commented, "We believe OSK's selloff on Friday (down ~11%) is overdone following disappointing but realistic FY'17 and LT guidance provided at OSK's analyst day and are upgrading the stock from Underperform to Neutral. Recall, our Underperform rating was based on our view Access was at peak and rolling, which is underway and the market fully appreciates. Furthermore, we underappreciated OSK's Defense business. OSK has won more Int'l M-ATV business along with the JLTV, which will help support EPS in the Access downturn. Last, the Commercial and F&E segments are now experiencing market tailwinds coupled with a self-help story (OSK targeting double digit margins in both segments vs. single digit today)."
The firm revised FY'16-19 EPS to $2.95, $3.30, $3.40 and $4.60, respectively.
Shares of Oshkosh closed at $50.88 yesterday.
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