BancBoston Robertson Stephens Reiterates Buy Rating on OTRKB
28 July 1999
BancBoston Robertson Stephens Reiterates Buy Rating on OTRKB
SAN FRANCISCO, July 27 -- The following is being issued by
BancBoston Robertson Stephens, a member of the National Association of
Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens managing director and senior industrial
growth analyst Michael R. Mach today reiterated his Buy rating on Oshkosh
Truck Corp. . The company is a leading supplier of specialty
heavy-duty trucks and truck bodies used in construction, defense, refuse
hauling, snow removal and fire and emergency applications.
"We are reiterating our Buy rating on Oshkosh Truck following the
companies announcement of solid-third-quarter 1999 earnings," said Mach. "The
company reported earnings-per-share of $1.21, increasing 128 percent
year-over-year, which was $0.16 above our estimate and $0.15 above Street
consensus.
"Based on the stronger-than-expected quarter, we have increased our fiscal
1999 and fiscal 2000 earnings-per-share estimates from $3.20 to $3.50 and from
$3.95 to $4.25, respectively," said Mach. "In addition, we have increased our
12-month price target from $60 to $65, approximately 15.2 times our fiscal
2000 estimate.
"Over the next three-to-five years, we expect Oshkosh Truck to generate
earnings-per-share growth in excess of 20 percent," said Mach. "Based on our
analysis, we believe that approximately 80 percent of Oshkosh Truck's revenues
are generated in markets where the company enjoys a #1 share position."
Clients interested in receiving more information should contact their
salesperson at 415-781-9700.
BancBoston Robertson Stephens, the section 20 subsidiary of BankBoston
, is a leading international investment bank focused on growth
companies in the technology, life sciences and healthcare, information and
business services, retail and consumer products, real estate, media,
telecommunications, broadcasting, and gaming and lodging sectors. The firm's
59 equity analysts cover nearly 700 companies. Since its founding in 1978,
BancBoston Robertson Stephens has raised over $52 billion in initial public
offerings, follow-ons and convertible offerings. The firm has also assisted
in over 400 mergers and acquisitions transactions valued at more than
$77 billion. BancBoston Robertson Stephens began its high yield securities
business in February 1997 and since that time has completed 69 transactions,
including 15 lead transactions, raising more than $12.6 billion. BancBoston
Robertson Stephens has offices in San Francisco, New York, Menlo Park, Boston,
Chicago, London and Tel Aviv.
The following synopsis is qualified in its entirety by the more detailed
information contained in the full research report, including the discussion of
certain risks associated with an investment in this security contained in
"Investment Risks."
The information contained herein is not a complete analysis of every
material fact respecting any company, industry or security. Although opinions
and estimates expressed herein reflect the current judgment of BancBoston
Robertson Stephens, the information upon which such opinions and estimates are
based is not necessarily updated on a regular basis; when it is, the date of
the change in estimate will be noted. In addition, opinions and estimates are
subject to change without notice. This Report contains forward-looking
statements, which involve risks and uncertainties. Actual results may differ
significantly from the results described in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to,
those discussed in "Investment Risks." BancBoston Robertson Stephens from
time to time performs corporate finance or other services for some companies
described herein and may occasionally possess material, nonpublic information
regarding such companies. This information is not used in the preparation of
the opinions and estimates herein. While the information contained in this
Report and the opinions contained herein are based on sources believed to be
reliable, BancBoston Robertson Stephens has not independently verified the
facts, assumptions and estimates contained in this Report. Accordingly, no
representation or warranty, expressed or implied, is made as to, and no
reliance should be placed on, the fairness, accuracy, completeness or
correctness of the information and opinions contained in this Report.
BancBoston Robertson Stephens, its managing directors, its affiliates, and/or
its employees may have an interest in the securities of the issue(s) described
and may make purchases or sales while this report is in circulation.
BancBoston Robertson Stephens International Ltd. is regulated by the
Securities and Futures Authority in the United Kingdom. This publication is
not meant for private customers. The securities discussed herein are not FDIC
insured, are not deposits or other obligations or guarantees of BankBoston
N.A., and are subject to investment risk, including possible loss of any
principal amount invested.