UPDATE: JPMorgan Upgrades Oshkosh (OSK) to Overweight
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(Updated - September 26, 2016 10:05 AM EDT)
JPMorgan upgraded Oshkosh (NYSE: OSK) from Neutral to Overweight with a price target of $60. Analyst Ann Duignan said a decline in shares was overdone.
"We are upgrading the stock to Overweight from Neutral as we believe the pullback on Friday was overdone and FY'17 looks adequately conservative. Also, we are raising our out-year estimates for share repurchases and believe there is further upside to margins based on our tour of the Pierce facility as well as the Defense facilities where JLTV volumes will likely increase overhead absorption for the other defense products. Our FY'19 estimate goes from $4.10 to $4.50 and our price target goes from $55 to $60 vs. close on Friday of $50.88," said the analyst.
Shares of Oshkosh closed at $50.88 yesterday.
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