Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Oshkosh Leveraged To A U.S. Construction Recovery

Not much has changed in the past quarter for Oshkosh (NYSE:OSK) and that's not necessarily a bad thing. The company's aerial work platform business is recovering, but Oshkosh and Terex (NYSE:TEX) are still waiting on rental companies in North America to renew their fleets. The potential for activist-prompted moves is still here, and it increasingly sounds as though management is considering an acquisition. Oshkosh still looks undervalued on the basis of construction and commercial vehicle prospects, with defense offering a highly binary outcome later next year, but delays in a U.S. construction recovery remain as a meaningful risk factor.

Still Absorbing Declines In Defense

Oshkosh had a decent fiscal second quarter, but that was definitely on...

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