8/5/2023 0 Comments Workhorse contract“Coming away with nothing is a surprise however, we note we likely have political variables at play here - a legacy Trump holdover as postmaster general of the USPS (Louis DeJoy) and two politically sensitive states (Wisconsin for Oshkosh and Ohio for Workhorse),” Osborne wrote. That suggests there’s a possibility the award could change, or be split. Osborne said politics may have played a role in the USPS’s decision. He acknowledged that Workhorse has had a “spotty” history of execution in the past but said the company is now on much more of a solid financial footing. “While we were not modeling success in the USPS, we had anticipated Workhorse would play a role, especially given the administration’s stance around government fleets being zero emission,” Osborne wrote. He kept the outperform rating he’s had on the stock for at least the past three years but cut his stock-price target to $18 from $25. Said its Oshkosh Defense subsidiary was awarded an “indefinite delivery, indefinite quantity” contract to help modernize the USPS’s delivery-vehicle fleet, by supplying between 50,000 and 165,000 battery-electric vehicles (BEV) and fuel-efficient internal combustion engine (ICE) vehicles over a 10-year period.Ĭowen analyst Jeffrey Osborne wrote in a note to clients that he was “shocked” at the Workhorse setback. Late in Tuesday’s trading session, Oshkosh Corp.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |