Paccar cut to Hold at Argus on impact of slowing economy on trucking industry

Argus downgraded Paccar to Hold from Buy. The firm is citing concerns over the impact of slower economic growth on the global trucking industry, warning that this may weigh on orders, sales, and earnings in the coming quarters, the analyst tells investors in a research note. The stock has also risen strongly since late September 2022 and appears fairly valued at current levels, Argus adds, cutting its FY23 EPS view to $7.28 from $8.26 and its FY24 view to $6.14 from $8.46.