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CMI

Cummins

$142.88 /

+ (+0.00%)

, NAV

Navistar

$21.66 /

+ (+0.00%)

09:42
08/28/19
08/28
09:42
08/28/19
09:42

Truck survey flags production cuts, deteriorating used truck fundamentals, says Cleveland Research

Cleveland Research analyst Adam Uhlman says his North American truck dealer survey has flagged deteriorating used truck fundamentals recently, as well as fleets deferring second half of 2019 deliveries into 2020. Supplier sources indicate Navistar (NAV) and Paccar (PCAR) plan to cut build rates over the next two months, he adds. The analyst believes additional cuts unfold in Q4 and build rates deteriorate further through 2020 unless order rates recover significantly above the normal seasonal increase in Q4. Meanwhile, Uhlman says new news this quarter is used truck pricing has begun to deteriorate more meaningfully which has caused concern for 2020 activity. Consensus estimates for Paccar and Cummins (CMI) appear too high to him going into 2020, even though expectations for the group have been quite low for some time. The analyst continues to see downside risk to the group in the medium-term. Uhlman has Neutral rating on all three stocks.

CMI

Cummins

$142.88 /

+ (+0.00%)

NAV

Navistar

$21.66 /

+ (+0.00%)

PCAR

Paccar

$63.45 /

+ (+0.00%)

  • 04

    Sep

CMI Cummins
$142.88 /

+ (+0.00%)

07/31/19 Credit Suisse
Cummins price target raised to $203 from $198 at Credit Suisse
07/16/19 Standpoint Research
Cummins downgraded to Hold from Buy at Standpoint Research
07/02/19 JPMorgan
June Class 8 truck orders drop 69% year-over-year, says JPMorgan
07/02/19 Loop Capital
Cummins downgraded to Sell at Loop Capital on lower economic outlook
NAV Navistar
$21.66 /

+ (+0.00%)

08/27/19 Loop Capital
Navistar price target lowered to $38 from $44 at Loop Capital
06/19/19 JPMorgan
Truck stocks likely to be down on final May data, says JPMorgan
06/05/19 Loop Capital
Navistar market share gains to offset peak in Class 8 market, says Loop Capital
PCAR Paccar
$63.45 /

+ (+0.00%)

07/24/19 JPMorgan
Paccar upgraded to Neutral from Underweight at JPMorgan
07/02/19 Loop Capital
Paccar downgraded to Sell at Loop Capital on lower economic outlook
07/02/19 Loop Capital
Paccar downgraded to Sell from Hold at Loop Capital

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Hot Stocks
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Recommendations
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$176.49 /

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General news
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Periodicals
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Downgrade
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$4.50 /

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On The Fly
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Shares of Apple (AAPL)…

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Conference/Events
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On The Fly
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Welcome to "Fly Insider,"…

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