UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Oshkosh Corporation

In a report published Monday, Jefferies & Company reiterated its Buy rating on Oshkosh Corporation OSK, and raised its price target from $28.00 to $36.00. Jefferies noted, “OSK is one of the few stocks in our universe trading at the low end of historical norms on EV/sales and EV/EBITDA. Although OSK has rallied ~50% over the last six months, shares are now trading in line with mid-cycle multiples on the nondefense businesses while defense is still essentially free. With NA residential construction markets beginning to recover and a reasonable floor under the Defense business, we think that multiples should begin to rise. Still, in the near term a weak Access quarter could prompt some profit taking.” Oshkosh Corporation closed on Friday at $29.76.