Paccar upgraded at Morgan Stanley on resilient Class 8 market

As previously reported, Morgan Stanley analyst Dillon Cumming upgraded Paccar to Overweight from Equal Weight with a price target of $136, up from $91. He views Paccar shares as "a high quality way to express our view around a more resilient NA Class 8 market than appreciated," said Cumming, who thinks the company’s "conservative" margin estimates present a nearer-term catalyst for positive estimate revisions. Upside to ACT Class 8 build estimates for 2023 should "similarly help to create a higher peak EPS scenario," the analyst added.