Wolfe Research analyst Scott Group downgraded Paccar to Underperform from Peer Perform with an $89 price target. The shares outperformed the market in 2022 and was the second-best performing stock in the sector, Group tells investors in a research note. While his earnings estimates remain above consensus, the analyst believes 2023 will likely represent peak earnings for Paccar this cycle. And with his expectations for Class 8 truck orders to moderate from here, Group sees risk to the stock’s valuation.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on PCAR:
- Paccar price target raised to $120 from $105 at Raymond James
- Early notable gainers among liquid option names on December 14th
- Paccar upgraded at Morgan Stanley on resilient Class 8 market
- Paccar upgraded to Overweight from Equal Weight at Morgan Stanley
- Paccar declares 50% stock dividend, raises regular quarterly cash dividend
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue