Credit Suisse analyst Jamie Cook downgraded Paccar to Neutral from Outperform with a price target of $105, down from $107. The analyst notes Paccar’s stock is up 18% over the past three months. With the stock near all-time highs, he believes the market appropriately recognizes Paccar as a high-quality industrial with improved through cycle margins and earnings reflecting strategic investments in next generation products and growth in the aftermarket/parts business. While Cook acknowledges that Paccar continues to successfully manage supply chain challenges and inflationary pressures, he believes "the best is behind us" in terms of trucking fundamentals.
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