PACCAR (PCAR) PT Raised to $76 at UBS; Reiterates Buy

UBS raised its price target on PACCAR (NASDAQ: PCAR) to $76.00 (from $75.00) while maintaining a Buy rating. With PCAR still calling for a 2-3% decline in NA markets and a 1% decline in Europe, analyst Steven Fisher thinks that there could still be room for some upside later this year, assuming freight trends continue to improve.

UBS raised 2017 estimates to $4.00, from $3.70, to reflect higher NA revenues. 2018 estimates were raised to $4.65, from $4.60, to reflect higher truck revenues and higher Finco profits.

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