Melius upgrades Paccar to Buy on record discount to peers

Melius Research upgraded Paccar (PCAR) to Buy from Hold with a $120 price target The stock’s discount to the machinery group and the S&P 500 is at a record high of 11 turns versus the market, compared with a 15-year average of four, the analyst tells investors in a research note. Melius believes Paccar shares are “cheap versus growth, cheap versus history, cheap versus the market, and maybe a good outlet for cash leaving tech.”