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.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on PCAR:
- Early notable gainers among liquid option names on December 14th
- Paccar upgraded at Morgan Stanley on resilient Class 8 market
- Paccar upgraded to Overweight from Equal Weight at Morgan Stanley
- Paccar declares 50% stock dividend, raises regular quarterly cash dividend
- Paccar declares extra cash dividend of $2.80 per share