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NEW YORK - A Credit Suisse analyst downgraded shares of Oshkosh Corp. to "Neutral" from "Outperform" on Monday, suggesting that three out of four business segments should be dragged down in the next year by overall weakness in the economy.
Analyst Jamie Cook said that although the stock seems "cheap," she recommends investors stay on the sidelines because of expected weakness in the vehicle maker's access equipment, fire and emergency and commercial segments. The stock has slipped about 66 percent so far this year.
While the Oshkosh, Wis.-based company's defense segment should remain strong, Cook said, she doesn't believe it is strong enough to counteract the weakness across Oshkosh's three other segments.
Cook lowered her fiscal fourth-quarter and full-year estimates for the company, noting she now expects a 19 percent cut in earnings per share for the fiscal year ending in September. The main driver, she said, is expected weakness in Access Equipment.
On Friday, Oshkosh said it swung to a fiscal third quarter loss on a write-down of the value of its European trash-collection vehicle.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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