Paccar price target raised to $130 from $120 at Raymond James

Raymond James analyst Felix Boeschen raised the firm’s price target on Paccar to $130 from $120 and keeps a Strong Buy rating on the shares. Paccar shares represent a compelling way to play "offense" and "defense," particularly with shares trading below its long-term historical average, the analyst tells investors in a research note. The firm 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.