Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
PACCAR Inc (NASDAQ:PCAR) shares, despite trading at a multiple above the five-year historical average, still offer room for further upside, Argus said in a Monday morning note.
PACCAR outperformed over the past quarter, adding 6 percent compared to the S&P 500's 4 percent, said analyst John Eade.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Argus upgraded its rating on the shares of PACCAR from Hold to Buy with a $82 price target.
PACCAR is a well-run company, producing a highly regarded line of trucks, Eade said. (See Eade's track record here.)
Given the shortage of drivers, many operators zero in on PACCAR trucks to attract and retain drivers, given their enhanced comfort, quality and reliability, the analyst said.
This, according to Eade, is visible in the company's recent market share gains.
Orders for heavy trucks in North America appear to be at an inflection point after having fallen since 2011, and the European market is also showing strength, Eade said.
Argus is raising its earnings per share estimate for PACCAR for the years 2017 and 2018, attributing the revision to strong growth trends and the potential for margin improvement.
PACCAR shares trade at a P/E discount to peers, Eade said. Argus' target price assumes a P/E of 17.6 times its 2018 earnings per share estimate, in line with the industry average.
Related Links:
Jim Cramer Gives His Opinion On Novocure, Barnes & Noble And PACCAR
The Goldman Pair Trade In Machinery: PACCAR Upgraded, Terex Downgraded
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.