Paccar price target raised to $102 from $97 at BofA

BofA raised the firm’s price target on Paccar to $102 from $97 and keeps a Neutral rating on the shares. The company “capped off an impressive ’23 with a strong Q4,” says the analyst, who feels that a 2024 truck production downturn is captured in consensus, but believes it “might be a bit too early to ‘look through’ a downturn that is just starting to materialize.” The firm raised its 2024 EPS estimate 1% to $7.85 and believes a slightly higher multiple is warranted given the improved margin performance.