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Fly News Breaks for February 5, 2019
PCAR
Feb 5, 2019 | 06:06 EDT
Piper Jaffray analyst Alexander Potter raised his price target for Paccar to $75 and keeps an Overweight rating on the shares following meetings with management. The analyst no longer thinks the valuation implies a recessionary outlook, but even so, he still thinks Paccar "is a bargain." With a record backlog and high revenue visibility, a recent decline in truck orders shouldn't lead to a precipitous drop in earnings, Potter tells investors in a research note. As such, he believes Paccar multiple's "recent cyclical extremism seems overdone."
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