DA Davidson Upgrades PACCAR (PCAR) to Buy; Share Price Weakness and Improved Outlook
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Price: $130.84 +0.04%
Rating Summary:
12 Buy, 22 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
12 Buy, 22 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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DA Davidson upgraded PACCAR (NASDAQ: PCAR) from Neutral to Buy, price target raised from $58 to $60.
DA analyst says, "We are upgrading the shares to BUY as we believe expectations have been reset and the current weakness is an attractive entry point. We note that industry fundamentals remain intact, order flow remains strong, dealer inventories are low, fleet age is relatively high (6.5+ years), industry deliveries are still below replacement demand and the supply of low-mileage used trucks has declined."
"For Q3 and Q4 our EPS estimates increase from $0.60 and $0.62 (Street low) to $0.67 and $0.73, respectively, based on high truck volumes. For 2012, we are raising our EPS estimate from $3.00 (Street low) to $3.20."
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.
DA analyst says, "We are upgrading the shares to BUY as we believe expectations have been reset and the current weakness is an attractive entry point. We note that industry fundamentals remain intact, order flow remains strong, dealer inventories are low, fleet age is relatively high (6.5+ years), industry deliveries are still below replacement demand and the supply of low-mileage used trucks has declined."
"For Q3 and Q4 our EPS estimates increase from $0.60 and $0.62 (Street low) to $0.67 and $0.73, respectively, based on high truck volumes. For 2012, we are raising our EPS estimate from $3.00 (Street low) to $3.20."
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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