Paccar price target raised to $118 from $93 at Wolfe Research

Wolfe Research raised the firm’s price target on Paccar to $118 from $93 and keeps an Underperform rating on the shares as part of a Q1 earnings preview for the transport group. Freight volumes improved in Q1 with improved year-over-year port, rail intermodal and global airfreight volumes, along with a positive inflection in the TL Market Demand Index, the analyst tells investors in a research note. That said, the firm expects continued pressure on contractual pricing and overall yield growth, and thus mixed Q1 earnings reports.