Deutsche Bank Maintains, Wolfe Research Upgrades PACCAR Rating - Read Why

  • 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.
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PCARPACCAR Inc
$89.670.24%

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