UPDATE: Credit Suisse Lowers PT to $47 on PACCAR on Trucking Challenges

Credit Suisse reiterates its Neutral rating on PACCAR PCAR and reduces its price target from $49 to $47. Credit Suisse comments, "Given the recent weakness in monthly US truck orders, we are lowering our PCAR estimates ahead of a potential 2012 guidance reduction. Currently, PCAR's industry forecast for US/Canada Class 8 unit sales is in the range of 210-240k units (14% y/y increase at the midpoint) and W. Europe is forecast in the range of 210-230k units (9% y/y decrease at the midpoint)." PCAR closed at $39.42 on Monday.