Paccar price target lowered to $122 from $125 at JPMorgan

JPMorgan analyst Tami Zakaria lowered the firm’s price target on Paccar (PCAR) to $122 from $125 and keeps an Overweight rating on the shares post the Q3 report. The company reported a beat on sales, but gross margin missed, the analyst tells investors in a research note. The firm continues to believe Q4 is likely the trough for margins and earnings in this down-cycle.