UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on PACCAR

In a report published Friday, BMO Capital Markets reiterated its Outperform rating on PACCAR

, and raised its price target from $50.00 to $57.00. BMO Capital Markets noted, “PACCAR reported 4Q12 EPS of $0.72, beating our estimate of $0.69 and consensus of $0.68, though results were slightly boosted by the capitalization of a cost previously expensed and a lower tax rate. Updated 2013 industry Class 8 retail sales outlook was maintained at 210-240K in the US and Canada, which is in line with ACT Research's estimate of 227.5K units (versus 228.3K in 2012). European retail sales outlook was also maintained at 210-250K units (versus 222K in 2012), with management mentioning the potential for a pre-buy on the transition to Euro 6 engines in 2014.” PACCAR closed on Thursday at $47.06.