Jefferies Boosts PT on PACCAR (PCAR) to $66

Jefferies lifted its price target on Buy-rated PACCAR (NASDAQ: PCAR) from $56 to $66 following solid Q2 results.

"2Q EPS of $0.82 were above our $0.80 estimate and consensus of $0.75. Both sales and EBIT margins were above consensus and should support the improving margin story at PCAR. Management indicated that production in 3Q13 could be 1-2% above 2Q13 with flatish margins. NA and Europe industry forecasts both trimmed slightly to 210-230k."

The firm trimmed Q3 EPS from $0.85 to $0.84, maintained FY 2013 EPS at $3.32 and maintained FY 2014 EPS at $3.85.

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 $57.25 yesterday.

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