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Fly News Breaks for May 2, 2018
CMI, PCAR
May 2, 2018 | 06:08 EDT
UBS analyst Steven Fisher downgraded Paccar (PCAR) to Neutral and lowered his price target for the shares to $68 from $84. The analyst this morning also downgraded Cummins (CMI) to Sell from Neutral. Recent changes in the company's business will limit upside to margins and also indicate a truck market that is approaching a peak, Fisher tells investors in a research note. He believes Paccar's mix of orders is becoming less attractive and that the European market is slowing. Further, the company's delivery growth is moderating, the analyst points out.
News For PCAR;CMI From the Last 2 Days
PCAR
Mar 26, 2024 | 04:50 EDT
RBC Capital analyst Nick Housden initiated coverage of Paccar with a Sector Perform rating and $123 price target. The shares have rallied 77% year-over-year and on RBC's estimates, trade at a slight premium to the 10-year average, the analyst tells investors in a research note. At a time when truck demand is moving down and consensus margin expectations "appear optimistic, we do not think that now is the time to increase exposure," contends RBC.