UPDATE: McAdams Wright Ragen Downgrades PACCAR Following Removal from Focus List

In a report published Wednesday, McAdams Wright Ragen analyst Mike Roarke downgraded PACCAR PCAR from Hold to Sell, but reiterated the $60.00 price target.

In the report, McAdams Wright Ragen noted, “We are downgrading Paccar to Sell and removing the stock from the Focus List due to price appreciation. Paccar was added to the Focus List on August 11, 2011 at $36.84. The truck manufacturing cycle looks to be somewhere in the middle ground. Paccar expects industry-wide sales in North America will be in the range of 210k–230k units this year. North American truck sales reached 322k at the last peak in 2006. A similar situation is playing out in Europe. The company anticipates industry-wide sales for large trucks will be in the range of 210k–230k units. This is still down more than 30% from Europe's sales at the last market top.”

PACCAR closed on Tuesday at $57.25.