Paccar price target lowered to $107 from $115 at Truist

Truist lowered the firm’s price target on Paccar to $107 from $115 and keeps a Hold rating on the shares after its Q2 earnings miss. The company’s truck deliveries at 48.4K were slightly better than its forecast of 48K as Paccar was able to effectively manage through a supplier issue in Mexico, but gross margins of 18.0% hit the low end of its targeted range of 18.0%-18.5%, and the Q2 decremental gross margins were also below the company’s normalized range of high teens to twentyish percent at 55.6%, the analyst tells investors in a research note.