Wolfe Research analyst Scott Group downgraded Paccar to Underperform from Peer Perform with an $89 price target. The shares outperformed the market in 2022 and was the second-best performing stock in the sector, Group tells investors in a research note. While his earnings estimates remain above consensus, the analyst believes 2023 will likely represent peak earnings for Paccar this cycle. And with his expectations for Class 8 truck orders to moderate from here, Group sees risk to the stock’s valuation.
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Published first on TheFly
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