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Fly News Breaks for June 2, 2016
PCAR
Jun 2, 2016 | 18:48 EDT
Goldman analyst Jerry Revich downgraded PACCAR to Neutral due to weaker pricing and rising raw materials. The analyst said excess supply and sluggish US freight demand has driven trucker spot rates down 15% from last year and Europe truck demand is close to mid-cycle. He believes rising steel and other input costs will turn into headwinds by Q4 while price increases will be difficult. Revich lowered PACCAR's price target to $63 from $67 on shares.
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