On Tuesday, Baird reaffirmed its positive stance on Oshkosh Corporation (NYSE:OSK), maintaining an Outperform rating and a $160.00 price target.
The firm's optimism follows the announcement of Matthew Field as the new Chief Financial Officer (CFO) of Oshkosh, effective December 16. Field brings extensive experience to the role, having most recently served as CFO of Joby Aviation (NYSE:JOBY) and previously holding various leadership positions at Ford Motor Company (NYSE:F), including CFO of Ford North America.
"We view the hire of Mr. Field positively given his tenure and experience in similar roles across various industries," said Baird analysts.
The appointment of Field as CFO is seen as a significant move for Oshkosh, as the position had been vacant since the former CFO, Michael Pack, transitioned to President of the Vocational Segment in June. Baird views the selection of Field as a positive development, highlighting his proven track record and expertise gained from over two decades in the industry.
In other recent news, Oshkosh Corporation has reported a 9% revenue increase to $2.74 billion in the third quarter of 2024, accompanied by an adjusted earnings per share (EPS) of $2.93.
This development comes amidst other events, such as the commencement of service with the U.S. Postal Service's next-generation delivery vehicles, contributing to a 14% increase in defense segment sales.
Despite facing market challenges, Oshkosh has completed the acquisition of AUSA, enhancing its specialty equipment offerings. However, due to softer market conditions in North America, the company has adjusted its full-year EPS outlook downward and expects some market softness in 2025.
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