UPDATE: McAdams Wright Ragen Upgrades PACCAR to Hold, Reiterates $60 PT Following Solid 3Q Earnings Report

In a report published Friday, McAdams Wright Ragen analyst Mike Roarke upgraded the rating on

from Sell to Hold, and reiterated the $60.00 price target. In the report, McAdams Wright Ragen noted, “We are changing the rating on Paccar from Sell to Hold and maintaining a $60 price target on the stock. The company reported third quarter earnings of $0.87 per share compared to $0.66 a year ago with truck production in North America and Europe gaining ground. For 2013 we a staying with an earnings estimate of $3.25 and expect the company will be able to make modest improvement to around $3.55 in 2014. Paccar is planning for European truck sales to be approximately flat next year. Retail sales of Class 8 trucks in North America should improve slightly to between 210k–240k units.” PACCAR closed on Thursday at $55.60.