Oshkosh Investor Day Shows Path To 2028 Growth, Says JPMorgan

JPMorgan analyst Tami Zakaria raised the price forecast for Oshkosh Corporation OSK from $92 to $106 while keeping a Neutral rating.

Oshkosh (OSK)’s Investor Day occurred on Thursday, where management outlined multi-year targets through 2028.

The company expects revenue of $13 billion-$14 billion, adjusted EPS of $18.00-$22.00 and EBIT margin of 12%-14%.

The analyst appreciated management’s increasing willingness to ramp up share repurchases as FCF conversion improves post-2025.

The feasibility of these 2028 targets (whether peak or mid-cycle) depends on the Access segment’s cycle evolution (currently in a downturn’s first year), sustained Vocational demand, and the successful ramp/mix of ICE vs. BEV in Next Generation Delivery Vehicles (NGDVs), says the analyst.

Zakaria raised the estimates, incorporating higher buybacks, leading to EPS of $9.36 (from $9.34) for 2025 and $10.87 (from $10.53) for 2026.

Overall, the analyst anticipates a modest downturn in the company’s Access Equipment sales in 2025; however, the long-term outlook is bolstered by new applications and replacement demand.

Conversely, the outlook for the company’s Defense and Vocational segments remains favorable in the near term, adds the analyst.

Price Action: OSK shares are up 0.65% at $110.35 at last check Friday.

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