Deutsche Bank Maintains, Wolfe Research Upgrades PACCAR Rating - Read Why - PACCAR (NASDAQ:PCAR)

Deutsche Bank analyst Nicole DeBlase lowered PACCAR Inc's PCAR price target to $85 (implying an upside of 3.9%) from $93 and maintained a Hold rating on the shares after the company preannounced Q3 deliveries.
DeBlase mentions, while management had not previously provided Q3 delivery guidance, they noted that production was projected flattish quarter-over-quarter.
She further adds it is unclear from the release whether production is also falling short of expectations. She thinks that this is likely.
Wolfe Research analyst Scott Group upgraded PACCAR to Outperform from Peer Perform and price target of $96, implying an upside of 17.3%.
The analyst expects supply chain disruptions to continue "well into" 2022.
He says Q3 may represent the peak of supply chain headwinds, and if the headwinds do start to ease, he expects the laggards in transports this year to outperform again.
Price Action: PCAR shares are trading higher by 4.11% at $82.02 on the last check Tuesday.