- 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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