Oshkosh price target raised to $113 from $105 at Credit Suisse

Credit Suisse analyst Jamie Cook raised the firm’s price target on Oshkosh to $113 from $105 and keeps an Outperform rating on the shares. The firm notes Oshkosh’s stock closed flat after missing Q4 EPS by 10% reflecting unfavorable mix in Defense and lower Access deliveries, while guiding full year 2023 EPS 15% below the street. Credit Suisse believes the stock reaction reflects a view that the 2023 guide is more reasonable after a string of EPS misses. The below consensus guide includes an 80c headwind tied to higher incentive comp and 30c in product development costs which were unexpected and when added back is closer to street estimates.