As reported earlier, Goldman Sachs analyst Jerry Revich downgraded Paccar to Neutral from Buy, saying that while U.S. truck spot market indicators have stabilized at new cycle highs amid robust freight demand and a tight trucking labor market, the load-truck ratio - a leading indicator - has declined about 30% over the past 4 months. The analyst warns that the decline could continue if rail service levels improve, adding that he now expects a deterioration in the truck cyclical outlook over the next 12 months even as Paccar's operating leverage has been lower than expected in this cycle. Revich adds that he is also lowering his Machinery coverage view to Neutral from Attractive, expecting truck production in the U.S. to peak in the next 12 months.