UBS upgraded Paccar (PCAR) to Neutral from Sell with a price target of $100, up from $81. The firm’s downside volume and margin catalyst has played out, with Paccar now guiding to a material decline in deliveries vs. the first half run rate, and management pushed out its expectation for a positive inflection in margins and demand in Q3, the analyst tells investors in a research note. UBS now sees risk/reward as balanced.
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