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Fly News Breaks for April 25, 2018
PCAR
Apr 25, 2018 | 09:31 EDT
BMO Capital analyst Joel Tiss lowered his price target on Paccar to $80 after the post-earnings slide in the company's stock but kept his Outperform rating over the longer term. Tiss contends that investors are "overly discounting the next potential downturn" and expects the company's profitability to be more resilient based on the short-lived Class 8 truck downturn under "normal economic conditions". The analyst acknowledges that the current negative sentiment of peaked growth is "powerful", but also cites Paccar's "attractive valuation, pristine balance sheet, and 4%+ dividend yield".
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