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PCAR

Paccar

$68.53

1.63 (2.44%)

, TSLA

Tesla

$317.55

0.74 (0.23%)

11:20
11/29/17
11/29
11:20
11/29/17
11:20

Battleground: Analysts diverge on Paccar after Tesla Semi truck reveal

This morning, Citi analyst Timothy Thein downgraded Paccar (PCAR) to Neutral, citing a lack of catalysts, while his peer at Susquehanna initiated coverage of the stock with the same rating. However, not all on Wall Street are as bearish. JPMorgan analyst Ann Duignan argued that the weakness in the shares since Tesla's (TSLA) Semi truck reveal is overdone, and reiterated a buy-equivalent rating on the stock. WEAKNESS OVERDONE: In a research note to investors, JPMorgan's Duignan pointed out that Paccar's shares have underperformed the S&P Machinery Index by 4.7% since the unveiling event for Tesla's Semi truck. The analyst views the reaction in Paccar shares as overdone, saying the likelihood of "significant disruption in the near to mid-term is limited, at most." If Tesla is to succeed in transforming the trucking industry to electric, it will likely need to partner with a company like Paccar, Duignan contended, adding that such a partnership may be a net positive for both companies. Overall, the analyst does not view the electric Semi as significant threat and rather believes it could be an upside catalyst. Duignan reiterated an Overweight rating and an $83 price target on Paccar shares. MOVING TO THE SIDELINES: Meanwhile, Citi's Thein downgraded Paccar to Neutral saying that despite the stock's year to date underperformance, he no longer sees catalysts in place to warrant a Buy rating. While the analyst expects trucking fundamentals in most of the company's major geographies to remain solid through 2018, his concern revolves more around the target multiple, as history has exhibited a fairly consistent pattern of multiple compression as North America build rates eclipse "trend" levels. Additionally, Thein pointed out that risk from electric vehicles is likely overplayed, but the overhang is still a concern. He lowered his price target on Paccar shares to $75 from $81. His peer at Susquehanna also initiated coverage of the stock with a Neutral rating and a $75 price target. While analyst Brendon Mason acknowledged Paccar's superior track record and marketplace standing, he believes there are other OEMs who are better positioned to benefit more vigorously from improving industry growth at this time. PRICE ACTION: In morning trading, shares of Paccar have gained about 1.3% to $69.40.

PCAR

Paccar

$68.53

1.63 (2.44%)

TSLA

Tesla

$317.55

0.74 (0.23%)

  • 16

    Jan

PCAR Paccar
$68.53

1.63 (2.44%)

11/21/17
JPMS
11/21/17
NO CHANGE
JPMS
Class 8 retail truck sales rose 28% in October, says JPMorgan
JPMorgan analyst Ann Duignan notes that according to ACT Research, Class 8 retail truck sales were 23,684 units in October, up 28% year-over-year but down 4% year-to-date, while net orders were 36,033 units, up 159% year-over-year and up 55% year-to-date. Truck demand has the largest incremental impact on Navistar (NAV), Paccar (PCAR), Cummins (CMI), Allison Transmission (ALSN) and Eaton (ETN), Duignan tells investors in a research note. She points out that the truck and truck components group has outperformed year-to-date, but underperformed more recently on Tesla's (TSLA) Class 8 electric semi announcement.
11/29/17
SBSH
11/29/17
DOWNGRADE
Target $75
SBSH
Neutral
Paccar downgraded to Neutral from Buy at Citi
Citi analyst Timothy Thein downgraded Paccar to Neutral saying he no longer sees catalysts in place to warrant a Buy rating. The analyst expects multiple compression in 2018 as North America truck build rates eclipse "trend" levels. He cut his price target for the shares to $75 from $81.
11/29/17
JPMS
11/29/17
NO CHANGE
Target $83
JPMS
Overweight
Paccar weakness since Tesla Semi reveal overdone, says JPMorgan
Paccar (PCAR) shares have underperformed the S&P Machinery Index by 4.7% since the reveal of Tesla's (TSLA) Semi truck, JPMorgan analyst Ann Duignan tells investors in a research note titled "Why Electric Vehicles Could Be An Opportunity." The analyst views the stock reaction as overdone, saying the likelihood of "significant disruption in the near to mid-term is limited, at most." If Tesla is to succeed in transforming the trucking industry to electric, it will likely need to partner with a company like Paccar, Duignan writes. She does not view Tesla's Semi as a significant threat and feels, rather, that it could be an "upside catalyst." The analyst reiterates an Overweight rating on Paccar with an $83 price target. Citi this morning downgraded the shares.
11/29/17
SUSQ
11/29/17
INITIATION
Target $75
SUSQ
Neutral
Paccar initiated with a Neutral at Susquehanna
Susquehanna analyst Brendon Mason initiated Paccar with a Neutral rating. The analyst acknowledges the company's superior track record and marketplace standing but believes there are other OEMs who are better positioned to benefit more vigorously from improving industry growth at this time. Mason has a $75 price target on Paccar shares.
TSLA Tesla
$317.55

0.74 (0.23%)

11/20/17
JPMS
11/20/17
NO CHANGE
Target $185
JPMS
Underweight
JPMorgan still cautious on Tesla's ability to ramp Model 3 volume
Diving the Model 3 makes "quite an impression - it is a veritable display of technology on wheels with a high coolness factor," JPMorgan analyst Ryan Brinkman tells investors in a research note titled "Model 3 Test Drive Confirms No Trouble Lining Up Buyers, But We Remain Cautious on Ability to Profitably Ramp Volume." The analyst believes progress, or lack thereof, in profitably ramping Model 3 volume will be the key driver of Tesla shares into 2018, not expectations for future products such as the semi-truck or Roadster. He still sees challenges in the company hitting production targets and attaining a 25% gross margin. Brinkman keeps an Underweight rating on Tesla shares with a $185 price target.
11/21/17
MSCO
11/21/17
NO CHANGE
Target $379
MSCO
Equal Weight
Tesla could rise above $400 per share in next few months, says Morgan Stanley
Morgan Stanley analyst Adam Jonas said he expects Tesla shares to be extremely volatile in 2018. He assumes that Tesla's battery module production bottlenecks may be resolved in weeks, which could result in the stock price rising to $400 or more over the next few months, he tells investors. However, following a "hypothetical 1H18 pop," he could see longer-term risks in the story and more serious headwinds to come to the forefront of investors attention, Jonas adds. The analyst maintains an Equal Weight rating and $379 price target on Tesla shares, which closed yesterday at $308.74.

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HBAN

Huntington Bancshares

$14.58

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ASB

Associated Banc-Corp

$25.10

-0.2 (-0.79%)

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UBS

UBS

$17.90

0.035 (0.20%)

18:05
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PFE

Pfizer

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MDXG

MiMedx

$11.99

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CE

Celanese

$108.31

1.34 (1.25%)

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WAL

Western Alliance

$57.30

-1.25 (-2.13%)

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USB

U.S. Bancorp

$54.60

-0.9 (-1.62%)

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  • 17

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Webster Financial

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TCF Financial

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