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July 30, 2014
11:24 EDTOSKOshkosh rebounds after analysts defend stock
Oshkosh's (OSK) stock is climbing as a number of analysts defended the shares after the company reported lower than expected profits yesterday morning. Oshkosh designs and manufacturers specialty vehicles and vehicle bodies for the defense, fire and emergency and commercial industries. WHAT'S NEW: After Oshkosh reported significantly lower than expected Q3 EPS and its shares fell yesterday, Robert W. Baird analyst Mircea Dobre upgraded his rating on the stock to Outperform from Neutral this morning. The risks facing the company from weaker profit margins for its Access unit, along with more uncertainty about demand for the equipment, is already priced into the stock, Dobre believes. The company should benefit from rebounding construction activity and the potential for stronger than expected results from its Defense unit, the analyst forecast. Additionally, Oshkosh's management has performed well, according to the analyst, who cut his price target on the shares to $55 from $58. Meanwhile, BMO Capital analyst Charles Brady was also upbeat on the stock's outlook. The company's results were disappointing, but the fundamentals of its Access Equipment business remain solid, while its Commercial business continues to improve, Brady wrote. Additionally, like Dobre, Brady believes that the company's Defense business could surpass expectations. Calling Oshkosh the cheapest stock among the companies he covers, Brady kept an Outperform rating on the shares but trimmed his price target on the stock to $61 from $66. Oshkosh's profit margins can continue to improve and the company may obtain contracts for its Joint Light Tactical Vehicle, Stifel analyst Stanley Elliot wrote. The stock is attractive following its pullback, according to the analyst, who kept a Buy rating on the shares. PRICE ACTION: In late morning trading, Oshkosh climbed $1, or 2.4%, to trade near $47 per share. The stock closed at $53.19 on July 28.
News For OSK From The Last 14 Days
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October 9, 2014
14:01 EDTOSKOshkosh Defense segment aims to cut workforce by 250-300
Oshkosh announced that its Defense segment plans to reduce its workforce in Oshkosh by approximately 250-300 hourly positions in December. In addition, approximately 70 salaried positions will be eliminated with the majority being temporary employees, elimination of open positions and those retiring. With the reduction, Oshkosh will retain more than 1,800 Defense employees in Oshkosh, Wisconsin and key regional facilities around the world. The company said, "We continue to reshape our workforce as a result of significantly lower U.S. defense spending and dramatic reductions in military vehicle production. We have gone to great lengths to minimize and delay the impact of these changes on our Defense workforce. At the same time we are aggressively competing for future contracts including JLTV, MSVS and other international opportunities, which will serve as a catalyst for growth of the Defense business.

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