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Non-Tech : Gehl Company
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To: Michael Bakunin who wrote (36)6/19/1998 4:01:00 PM
From: Michael Bakunin   of 97
 
Gehl's been talking to those analysts again. Both of them raised estimates, since apparently Gehl's benefitting both from a rebound in construction markets and from sales of an unexpectedly popular model of forage harvester with crop processing.

Furman Selz's price target is $20ish, Baird's is $23. Neither thinks GEHL should be trading at a discount. As before, I tend to be on the more conservative side, and give Gehl a 10% discount to CSE.

I'll post Baird's research report; they do a decent analysis of what I think is the biggest issue facing Gehl (besides a potential slowdown in the economy): competition from CAT and DE. I think Baird continues to be a little overoptimistic, on that issue as on others, but I feel that Gehl's stock price currently (18ish) reflects my trepidation.

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