Deutsche Bank Starts Oshkosh (OSK) at Buy
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Deutsche Bank initiated coverage on Oshkosh (NYSE: OSK) with a Buy rating and a price target of $62. Analyst Nicole DeBlase sees see 9% upside to consensus EPS in 2017.
"Oshkosh has the most robust four-year outlook in our coverage universe, as we forecast a 6% and 23% revenue and EPS CAGR over 2016-20e, respectively. The bulk of this strength will be driven by Defense, where the company will benefit as Joint Light Tactical Vehicle (JLTV) shipments to the US DoD ramp up. The 2017-19e delivery schedule has been well telegraphed, but we do not believe consensus is properly modeling the margin mix benefit (1,000 international Mine Resistant Ambush Producted shipments at a midteens margin); we sit 9% above FY17e consensus EPS, and model .40bps Y/Y Defense margin expansion. Incremental international MRAP orders, while hard to predict, would also boost DB/Street projections," said DeBlase.
Shares of Oshkosh closed at $54.78 yesterday.
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