Paccar price target lowered to $126 from $135 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Paccar (PCAR) to $126 from $135 and keeps an Overweight rating on the shares. As evidenced by the stock reaction following the Q3 earnings release, the market “remains very sensitive to the bear thesis that the company’s margins could see a sharp normalization in 2025,” but the firm thinks the positives out of the quarter “far outweigh the negatives” and suggest a “more optimistic backdrop into 2025,” the analyst tells investors in a post-earnings note.