Citi analyst Timothy Thein upgraded Oshkosh to Buy from Neutral with a price target of $115, up from $110. As the machinery sector’s earnings revision cycle matures, Oshkosh is an “outlier” with earnings momentum accelerating into 2024, the analyst tells investors in a research note. The firm says the Street is underappreciating the company’s margin upside in Vocational, a key factor in its 2024 estimates being 12% ahead of consensus. Concerns regarding AWP capacity growth are valid and could limit multiple expansion, but the stock has 2% upside on earnings growth alone, contends Citi.
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