UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on PACCAR
In a report published Friday, Deutsche Bank reiterated its Hold rating on PACCAR (NASDAQ: PCAR), and slightly raised its price target from $49.00 to $50.00.
Deutsche Bank noted, “Paccar's Q4 EPS was roughly in-line with expectations - Paccar reported Q4 EPS of $0.72 ahead of our $0.66 estimate and consensus of $0.68. However, excluding a $0.03 benefit from the capitalization of prior tooling expenses, Q4 EPS was roughly in-line with consensus expectations. Revenue of $3.7bn was ahead of our $3.55bn estimate. However, ex tooling capitalization, truck operating margin of 7.0% was below our 7.3% estimate, as was gross margin of 11.9% vs. our 12.5% estimate. Paccar Financial EBT of $79MM was in-line with our estimate. We maintain our Hold recommendation based on valuation.”
PACCAR closed on Thursday at $47.06.
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