UPDATE: UBS Upgrades Oshkosh (OSK) to Buy
- S&P 500, Dow end at record highs as weak jobs data eases rate worries
- U.S. Added Only 266,000 Jobs in April, Well Below Estimates
- Roku (ROKU) Surges After Crushing Profit Estimates to Prompt an Upgrade to 'Buy' at Loop Capital
- Dollar broadly weaker after U.S. jobs data disappoint
- Square (SQ) Tops Q1 EPS by 25c
UBS analyst Steven Fisher upgraded Oshkosh (NYSE: OSK) from Neutral to Buy with a price target of $146.00 (from $95.00).
The analyst comments "We are modeling a 2025 peak 6% above 2018 levels, while consensus is forecasting 2025 5% below 2018. Our 2023/24/25 combined Access/AWP revenue estimates for Oshkosh and Terex are 3%, 8%, and 12% above consensus, respectively. Our conviction is predicated on robust responses to our Rental Survey, strengthening macro indicators, and commentary from construction equipment dealers, which combine to give us confidence in the inflection point, and the potential strength of recovery. In the medium to longer-term, our revised Non-res Construction Outlook has private construction spending inflecting to the positive and we expect a strong cycle of manufacturing investment to drive multiyear upside. Fleet age has risen since 2018, so there could be more room to bring fleet age down with newer, higher tech equipment. Moreover, we believe increased penetration of aerials in China could add another ~2-3% to our 2025 forecast, and President Biden's infrastructure proposal could add an incremental 3-4% of annual growth, if fully implemented. These factors are not reflected in our current forecasts."
Shares of Oshkosh closed at $120.83 yesterday.
You May Also Be Interested In
- Tilray (TLRY) Gets a Two-Notch Upgrade to 'Buy' at Jefferies as Aphria Merger is Seen as a 'Perfect Match'
- Endesa SA (ENA:GR) (ELEZF) PT Lowered to EUR25 at Goldman Sachs
- Genmab A/S (GEN:DC) (GMAB) PT Raised to DKK2,270 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!