Oshkosh Underperform Rating: Mixed Outlook with Cyclical Risks and Segment Challenges

Analyst Michael Feniger from Bank of America Securities reiterated a Sell rating on Oshkosh (OSK – Research Report) and increased the price target to $110.00 from $95.00.

Michael Feniger’s rating is based on the mixed performance outlook for Oshkosh. The vocational segment, which accounts for 33% of the company’s profits, shows promise with a strong backlog and solid pricing, providing visibility into 2026. However, the Access segment, which contributes 60% of profits, faces potential challenges due to weakening construction dynamics and tariff uncertainties, particularly in the latter half of 2025.
Despite some positive innovations and investments, Oshkosh’s reliance on the Access segment introduces cyclical risks that could affect overall performance. The company’s valuation, while adjusted to a higher price objective of $110, still reflects caution due to these risks. Therefore, Feniger maintains an underperform rating, recommending a preference for rental operators over rental suppliers like Oshkosh.