Paccar price target raised to $135 from $116 at JPMorgan

JPMorgan raised the firm’s price target on Paccar to $135 from $116 and keeps an Overweight rating on the shares. The analyst says the company’s parts segment sales growth outperformed peers since 2016. The firm expects Paccar to sustain high-single-digit parts sales growth annually over the medium term as new models have more proprietary components, while international markets remain nascent.