Stifel Cuts Price Target on Oshkosh Corp. (OSK) Following Analyst Day
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Stifel maintained a Buy rating on Oshkosh Corp. (NYSE: OSK), and cut the price target to $61.00 (from $63.00), following the company's analyst day. Oshkosh framed out its capital allocation plans, which has changed little since the 2012 Analyst Event. Stifel's FY16 EPS estimates shifts to $2.95 on $6.185 billion in revenues.
Analyst Stanley Elliott commented, "We attended the Oshkosh's Analyst Day and came away from the event encouraged by the long-term outlook for the company. Although we found the initial FY17 EPS outlook somewhat disappointing relative to expectations, we continue to view Oshkosh favorably. Part of this view is based on our belief that Oshkosh will be one of the few industrial/machinery companies in the next year that has the ability to generate both positive revenue and earnings growth. For the broader industrial landscape we see macro headwinds tempering expectations as well, resulting in a flat to more likely down guide, but confirmation will come later for these December year-end companies. Given the valuation discrepancy between Oshkosh and the broader industrial market (9.6x vs. 10.5x on an FY1 EV/EBITDA basis) we continue to find the risk reward attractive, particularly following the 10.6% sell off versus the 0.6% decline in the broader market."
Shares of Oshkosh closed at $50.88 yesterday.
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