Benchmark Downgrades Oshkosh to Sell, Reduces PT to $20

Benchmark downgraded Oshkosh

to Sell. At the same time, Benchmark reduced its price target on the company's stock to $20, following a downward revision of the company's earnings per share estimates. In a research report published today, Benchmark states, "We are downgrading OSK to a SELL with a new price target of $20. Our PT is based on a 3.8x FY12 EV/EBITDA multiple. We believe OSK is facing challenges in ramping up FMTV production based on discussions with Washington sources and believe this will likely lead to downside in FY11/12 estimates. We are lowering our FY12 EPS estimate by $0.50 to $3.05 due to concerns about profitability on the FMTV program in FY12." At the moment, Oshkosh is trading at $25.71, or 2.43% below yesterday's close.