Raymond James analyst Felix Boeschen raised the firm’s price target on Paccar to $120 from $105 and keeps a Strong Buy rating on the shares. The analyst believes shares of Paccar present a compelling way to play "offense" and "defense" at the same time, particularly with shares trading at ~12.5x the firm’s more "normalized" 2024 EPS estimate, Boeschen tells investors in a research note. The analyst is cognizant of ongoing supply chain and FX headwinds, but sees the continued adoption of its internal powertrain key as it sets the stage for a highly idiosyncratic, high margin, and less cyclical parts revenue stream, slated to accelerate meaningfully from 2023-2027.
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Published first on TheFly
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