Wells Fargo Initiates Coverage On Several Machinery Related Stocks

Wells Fargo analyst Seth Weber initiated coverage on several Machinery related stocks.

• Oshkosh Corp OSK initiated with an Equal Weight and a price target of $117, implying an upside of 8%.
• The analyst looks for a pull-back or favorable Defense-segment update to get more constructive.
• Weber initiated Manitowoc Co Inc  MTW with an Underweight rating with a price target of $17, implying an upside of 6%.
• Weber noted ongoing initiatives improved Manitowoc's product development, manufacturing processes, and quality.
• Herc Holdings Inc HRI initiated an Overweight rating and a price target of $205, implying an upside of 38%.
• Weber expects 13% revenue and 17% EBITDA growth over three years.
• Weber initiated Deere & Co DE with an Overweight rating and a price target of $455, implying an upside of 18%.
• The analyst noted Deere continues to distance itself from the rest in the industry in adopting secular tailwinds around technology and sustainability.
• Caterpillar Inc. CAT initiated with an Equal Weight rating and a price target of $231, implying an upside of 7.8%.
• United Rentals, Inc. URI initiated with an Overweight rating and a price target of $425, implying an upside of 31%.
• The analyst noted the company's diversified fleet and end-market exposure help higher returns.
• Price Action: OSK shares are trading higher by 0.59% at $108.23, MTW lower by 1.36% at $16.02, HRI higher by 1.7% at $148.46, DE higher by 2.16% at $386.33, CAT higher by 1.12% at $214.16 and URI higher by 0.9% at $324.15 on the last check Friday.