5 Best Heavy Equipment Stocks to Buy as Backlogs Hit Records

3. Oshkosh Corporation (NYSE:OSK)

Upside Potential: 35.62%

Target Price: $163.27

On May 12, Morgan Stanley lowered its price target on Oshkosh Corporation (NYSE:OSK) to $150 from $157 while maintaining an Equal Weight rating following the company’s first-quarter results. The revised target reflects updated financial estimates as analysts continue evaluating near-term demand conditions across Oshkosh’s diversified industrial and specialty vehicle segments. Despite the modest reduction, Morgan Stanley acknowledged the company’s resilient operational positioning and its exposure to several mission-critical end markets, including defense, infrastructure, emergency response, and vocational equipment manufacturing.

A day earlier, Baird analyst Mircea Dobre lowered the firm’s price target on Oshkosh Corporation (NYSE:OSK) to $172 from $175 while reiterating an Outperform rating on the shares. According to the analyst, first-quarter results pointed to a relatively slow start to the year, although management maintained full-year guidance that now appears increasingly weighted toward stronger second-half performance. Baird continues to view Oshkosh favorably due to its diversified business model, operational execution, and potential for improving demand conditions across several industrial and specialty vehicle categories later in 2026.

Founded in 1917 and headquartered in Oshkosh, Oshkosh Corporation (NYSE:OSK) manufactures mission-critical specialty vehicles and heavy equipment through its Access Equipment, Defense, Fire & Emergency, and Vocational segments. The company produces a wide range of industrial and government-focused equipment, including JLG lifts, tactical military vehicles, fire engines, refuse collection vehicles, and concrete mixers.