Paccar downgraded to Hold from Buy at Jefferies

Jefferies downgraded Paccar (PCAR) to Hold from Buy with an unchanged $120 price target as part of a broader research note previewing 2025 for the Machinery and Industrial sector. The markets have been pricing in a “dire industrial scenario” which the firm had seen as “unlikely”, the analyst tells investors in a research note. Approaching 2025 however, the landscape has changed as the markets have turned more bullish on industrial trends and with valuations near the high end of historical highs, forcing the firm to be “increasingly selective”, Jefferies added.