UBS Maintains a 'Buy' on PACCAR (PCAR); Misses 2Q, but We Still See Upside For Shares

UBS maintains a 'Buy' on PACCAR (NASDAQ: PCAR), price target lowered from $63 to $60.

UBS analyst says, "Reports 2Q EPS of $0.65 (consensus: $0.69)...Lowers 2011 U.S. & Canada industry sales forecast, but raises Europe forecast...Reflecting the 2Q miss, we are tweaking our 2011E EPS to $2.55, from $2.60. We are also lowering our 2012 and 2013 EPS estimates by $0.15 apiece to $3.85 and $4.85, respectively, as we are now modeling a more cautious ramp in operating margins."

For more ratings news on PACCAR click here and for the rating history of PACCAR click here.

Shares of PACCAR closed at $45.02 yesterday.

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