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Stifel analyst Stanley Elliott lowered the firm's price target on Oshkosh to $101 from $109 and keeps a Buy rating on the shares. The company's Q1 results beat expectations, which was helped by modestly improving supply chain trends and improving price/cost, the analyst tells investors. Stifel is optimistic on the shares because aerial fleet ages remain abnormally high, defense margins and vocational margins are likely to improve in the upcoming years, and opportunities for synergies exist in the vocational segment.

Credit Suisse analyst Jamie Cook lowered the firm's price target on Oshkosh to $96 from $113 and keeps an Outperform rating on the shares following the Q1 results. Oshkosh's print is a step in the right direction in terms of regaining credibility after missing EPS guidance in 2022, though the market is looking for more consistent EPS performance across the portfolio and greater confidence the macro holds, the analyst tells investors in a research note.

Morgan Stanley analyst Dillon Cumming lowered the firm's price target on Oshkosh (OSK) to $107 from $114 and keeps an Overweight rating on the shares. The firm says in its Q1 earnings preview for the North America machinery group that it sees "more beats than misses materializing across the bulk of our Machinery coverage," adding that share price follow-through is "less of a certainty relative to prior quarters as investors increasingly discount near-term EPS upside." Near-term EPS and guidance upside "will be discounted more" than in prior quarters, contends the firm, which thinks early reads from Acuity Brands (AYI) and Lindsay (LNN) "underscore the idea that investors are looking for cracks in the pavement."

Citi analyst Timothy Thein lowered the firm's price target on Oshkosh to $85 from $102 and keeps a Neutral rating on the shares. The analyst reduced price targets for machinery companies with high relative non-residential exposure. The firm sees a difficult competitive backdrop as the market digests capacity additions that likely add to downside pricing risk.

Deutsche Bank lowered the firm's price target on Oshkosh to $107 from $113 and keeps a Buy rating on the shares. The earnings setup for the multi-industry group is "undeniably challenging," with investors increasingly nervous about the macro environment, the analyst tells investors in a research note. However, the firm does not expect this quarter to bring much new insight into the broader recession debate .Against this backdrop, industrial investors are likely to remain cautious, it contends.