Jefferies Downgrades PACCAR, Cuts Price Target By 15%

April 5, 2022 1:20 PM | 1 min read

PACCAR Inc PCAR has been downgraded to Hold from Buy by Jefferies analyst Stephen Volkmann.
The analyst also lowered the price target to $85 (an upside of 3.4%), from $100.
Volkmann believes 2023 will likely be a cycle peak versus his previous expectation for an elongated cycle.
Volkmann mentioned strong backlogs support near-term deliveries but supply chain constraints likely to continue.
The analyst's 2023 estimates remain below consensus, primarily on lower European forecasts.
In the last week of March, JPMorgan analyst Tami Zakaria had lowered PCAR's price target to $108 (an upside of 31%) from $114 while maintaining the Overweight rating on the shares.
Price Action: PCAR shares are trading lower by 2.7% at $82.23 on the last check Tuesday.