VMC - Oshkosh Agco Manitowoc downgraded at Goldman Sachs

2023-04-03 08:36:53 ET

Oshkosh ( NYSE: OSK ) and Agco ( NYSE: AGCO ) on Monday were downgraded to Neutral from a prior recommendation of Buy, and Manitowoc ( NYSE: MTW ) was cut to Sell from Neutral by analysts at Goldman Sachs.

“We entered the year negative on supply risks and positive on price/costs,” Jerry Revich, analyst at Goldman Sachs, said in an April 3 report. “Estimates are now +4% YTD on higher margins, but the supply picture has deteriorated with rising used inventories across construction, agriculture and truck markets.”

Conversely, Vulcan Materials ( VMC ) and Martin Marietta Materials ( MLM ) were both upgraded to Buy from prior investment ratings of Neutral. The makers of materials for roadbuilding and construction are attractively priced on a risk-reward basis, according to Goldman Sachs.

The bank also upgraded Primoris ( PRIM ) to Neutral from a prior rating of Sell. The specialty construction company’s pipeline segment profit bottomed at levels 70% less than they were at the time of Goldman Sachs’s downgrade in November 2021, according to the report.

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