Deutsche Bank Starts PACCAR (PCAR) at Hold
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Deutsche Bank initiated coverage on PACCAR (NASDAQ: PCAR) with a Hold rating and a price target of $63.
Analyst Nicole DeBlase said, "We would characterize PACCAR as a best-in-class truck OEM, with low double-digit ROIC and a strong historical commitment to returning cash to shareholders (4.0% divi yield). The company has also enjoyed much success with its proprietary MX engine platform, driving penetration from zero in 2010 to 47% today. This should create a larger base of more stable Parts revenue in the next upcycle, especially as a growing population of trucks with MX engines reaches the ‘sweet spot’ for engine parts consumption, 6-10 years of age. We believe that this will reduce PCAR’s EPS volatility vs. prior cycles."
Shares of PACCAR closed at $59.21 yesterday.
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