Paccar price target raised to $93 from $85 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Paccar to $93 from $85 and keeps a Neutral rating on the shares. The firm is incrementally positive on the company’s ability to leverage its upcoming product rollouts to improve its long term competitive position and margins following its Q3 results, the analyst tells investors in a research note. Goldman Sachs adds however that while Paccar’s unit profitability is moving sharply higher in this cycle, heading into 2024, investor focus will be the industry’s ability to maintain price/cost compared to prior cycles.