Paccar price target raised to $90 from $84 at Credit Suisse

Credit Suisse analyst Jamie Cook raised the firm’s price target on Paccar to $90 from $84 and keeps a Neutral rating on the shares. The firm notes the stock closed down 2% after beating street EPS expectations by 7%. Second quarter adjusted EPS of $2.33 increased 69% year-over-year. More importantly, gross margins continue to impress at 18.8%, which was the high end of Paccar’s guide of 18%-19% and compared to 19.3% last quarter, Credit Suisse adds.