Barclays on U.S. Machinery: Fine-tuning NAFTA Class 8 Forecast Following PCAR's Guidance Cut (CMI, ETN, ALSN)

September 12, 2012 1:11 PM EDT Send to a Friend
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Price: $68.00 --0%

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Barclays on U.S. Machinery: Fine-tuning NAFTA Class 8 Forecast Following PCAR's Guidance Cut

Analyst, Andy Kaplowitz, said, "We are further fine-tuning our NAFTA Class 8 production forecasts following PACCAR's (Nasdaq: PCAR) updated 3Q12 production forecast...we are adjusting our NAFTA Class 8 production forecasts for 2012 and 2013 to 265k and 255k, respectively (and was just recently lowered to 275K and 265K)."

Barclays maintains an Equalweight rating on PCAR and $41 price target, but lowers FY12 EPS estimate from $3.20 to $3.10 and FY13 from $3.55 to $3.45.

For OW-rated Cummins Inc. (NYSE: CMI), Barclays lowers its PT from $118 to $117 and FY12 EPS estimate from $9.50 to $9.40 and FY13 from $10.30 to $10.20.

For OW-rated Eaton (NYSE: ETN), PT lowered $1 to $56, FY12 EPS estimate lowered from $4.25 to $4.20 and FY13 from $4.75 to $4.65.

For OW-rated Allison Transmission (Nasdaq: ALSN), PT cut $1 to $23, FY12 EPS estimate from $3.00 to $2.89 and FY13 from $1.31 to $1.24.


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