Benchmark Maintains Sell Rating On Oshkosh Corporation

Benchmark Capital is maintaining its Sell rating on shares of Oshkosh Corporation OSK, and keeping its $20 price target on shares. In a note to clients, Benchmark Capital writes, "The stock was up more than 15% on Friday on the news. According to the SEC filing, Icahn believes “the shares were undervalued” and intends to “have conversations with management to discuss enhancing shareholder value.” Speculation of a break up of Oshkosh's Defense and Industrial/Commercial businesses drove the stock higher. We note that splitting Oshkosh into multiple companies would likely involve costly fees and is inconsistent with the company's diversification strategy. We also believe the strong pressure on military trucking makes the sale its Defense business to another defense contractor unlikely." Shares of OSK closed at $32.95 on Friday.