Goldman Sachs Upgrades PACCAR (PCAR) to Buy

Goldman Sachs upgraded PACCAR (NASDAQ: PCAR) from Neutral to Buy with a price target of $80.00 (from $74.00).

Analyst Jerry Revich comments, "While investor focus is on new European (30% of PCAR profits) engine regulations, freight fundamentals are overwhelmingly positive entering the sixth quarter of recovery, providing visibility on a sustained truck capex recovery. In US truck (57% of PCAR profits) we acknowledge recently elevated expectations, but believe tight truck supply and a modest freight recovery will sustain newfound trucker pricing discipline and equipment refresh cycle through at least 2015."

For an analyst ratings summary and ratings history on PACCAR click here. For more ratings news on PACCAR click here.

Shares of PACCAR closed at $66.63 yesterday.

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