Paccar price target raised to $107 from $103 at Truist

Truist raised the firm’s price target on Paccar (PCAR) to $107 from $103 and keeps a Hold rating on the shares. The company’s Q3 results topped consensus estimates though its gross margins were light at 16.6% relative to the management’s guide of 17.0% on better truck deliveries of 44.9K vs. its forecast of 43K-44K, the analyst tells investors in a research note. Like last quarter, price cost continues to be a headwind to margins for Truck and Parts, the firm added.