Paccar price target lowered to $115 from $121 at Truist

Truist lowered the firm’s price target on Paccar to $115 from $121 and keeps a Hold rating on the shares as part of a broader research note previewing Q2 results in Machinery, Infrastructure Services, and Multi-Industry / Industrial Technology. The recovery in industrials has been pushed out by 6 months, setting the group up well for 2025, with guidance cuts now expected and reflected in the underwhelming stock performance over the past quarter, the analyst tells investors in a research note. The most significant estimate cuts were for farm equipment names as Truist now assumes the downturn extends into 2025, the firm states, adding that it sees Infrastructure Services names as a safer haven, supported by strong backlogs and continued growth in orders.