UPDATE: Jefferies Lowers PT on PACCAR from $65 to $55

Jefferies has published a report on PACCAR Inc (NASDAQ: PCAR) lowering the price target by $10.

In the report, Jefferies wrote, "Lower industry outlook. We have lowered our industry forecast to 250k Class 8 trucks in CY11, 300k in CY12, and 320k in CY13 (see our separate industry note out today) in order to better account for potentially weaker demand and potentially persistent supply chain constraints. Notably, we have not seen any signs of weakening demand, but are taking these actions pro-actively should the current growth scare begin to impact demand. Please see today's industry note for a detailed review of current industry fundamentals."

Jefferies rated PACCAR a BUY with a price target reduced from $65.00 to $55.00. PACCAR closed Thursday at $38.99.