Analysts raised the price target for PACCAR Inc (NASDAQ:PCAR) after solid Q4 results.

• Credit Suisse analyst Jamie Cook raised the price target to $114 (an upside of 20%) from $109 and maintained an Outperform rating on the shares.
• The analyst notes the stock was trading up after beating EPS on better sales and exceeding delivery expectations as the supply chain improves.
• Cook mentions the highlight of the call was the commentary on gross margins and supply chain, implying Q4 was the trough for margins.
• Morgan Stanley analyst Courtney Yakavonis increased the price target to $98 (an upside of 4%) from $94 and kept an Equal-Weight rating on the shares.
• Raymond James analyst Felix Boeschen raised the price target to $108 (an upside of 14%) from $105 and kept a Strong Buy rating on the shares.
• Yesterday, PACCAR reported Q4 results, with sales growth of 22.6% year-over-year to $6.3 billion, beating the consensus of $5.5 billion.
• EPS for the quarter improved to $1.47 from $1.17 last year, beating the consensus of $1.32.
• Peterbilt and DAF delivered 47,600 trucks in Q4, 45% higher than the previous quarter, reflecting an improvement in the global supply chain.
• Cash provided by operations for FY21 was $2.19 billion, compared to $2.99 billion a year ago.
• Price Action: PCAR shares are trading lower by 0.40% at $93.57 on the last check Wednesday.