Jefferies Downgrades PACCAR, Cuts Price Target By 15%

• PACCAR Inc (NASDAQ:PCAR) has been downgraded to Hold from Buy by Jefferies analyst Stephen Volkmann.
• The analyst also lowered the price target to $85 (an upside of 3.4%), from $100.
• Volkmann believes 2023 will likely be a cycle peak versus his previous expectation for an elongated cycle.
• Volkmann mentioned strong backlogs support near-term deliveries but supply chain constraints likely to continue.
• The analyst's 2023 estimates remain below consensus, primarily on lower European forecasts.
• In the last week of March, JPMorgan analyst Tami Zakaria had lowered PCAR's price target to $108 (an upside of 31%) from $114 while maintaining the Overweight rating on the shares.
• Price Action: PCAR shares are trading lower by 2.7% at $82.23 on the last check Tuesday.