Wells Fargo analyst Andrew Casey upgraded Paccar to Overweight from Equal Weight with a price target of $90, up from $75, citing anticipated improved stock attractiveness through 2020. In a research note to investors, Casey says he is upgrading the stock even though he still thinks sell-side consensus may be too high. He expects valuation multiple expansion will more than offset weak market conditions and notes that short-term freight fundamentals remain weak. The analyst lowered his 2020 Class 8 industry volume forecast to 205,000 from 226,000 and raised his 2021 view to 190,000 from 170,000.