Paccar price target lowered to $120 from $121.50 at BofA

BofA lowered the firm’s price target on Paccar (PCAR) to $120 from $121.50 and keeps a Buy rating on the shares. The firm came away from Q4 results with “more conviction that gross margin is in a bottoming out process,” says the analyst, whose lowered target reflects the view that a slightly lower multiple is warranted given the emissions overhang.