Jefferies Downgrades Oshkosh To Hold Citing Defense Headwinds

Jefferies analyst Stephen Volkmann downgraded Oshkosh Corp OSK to Hold from Buy with a price target of $105 (implying a downside of 1.76%), down from $150.
Volkmann sees near-term delivery headwinds and medium-term headwinds to both the company's sales and margins in defense. Supply chain constraints across the industrial space are pressuring volumes and offsetting strong demand.
The analyst adds that Oshkosh's recent contract wins in defense are not likely to generate significant revenue in fiscal 2022 and lowers estimates to below consensus through fiscal 2023.
Recently, Oshkosh entered a strategic partnership and invested in Carnegie Foundry to accelerate innovation in autonomy and robotics.
Price Action: OSK shares closed lower by 1.21% at $106.86 on Monday.

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