Oshkosh price target lowered to $95 from $110 at Raymond James

Raymond James lowered the firm’s price target on Oshkosh to $95 from $110 and keeps an Outperform rating on the shares. Raymond James believes its Vocational EPS power into FY24/FY25 is substantially underappreciated on the back of municipal-led volume tailwinds coupled with profit improvement levers that include price increases, input cost pressures easing, and new product launches, the analyst tells investors in a research note. While mounting macro headwinds could weigh on Oshkosh’s pro-cyclical Access segment, the firm sees through-cycle earnings benefits stemming from a multi-year AWP replacement cycle.