Zacks Investment Research upgraded shares of PACCAR Inc. (PCAR) from UNDERPERFORM to NEUTRAL on September 27, 2012, with a target price of $42.00.
PACCAR faces tough competition in its principal markets -U.S., Canada and Europe. Further, the company expects industry sales in the above-16-tonne truck market in Europe will go down due to the ongoing uncertainty in Eurozone. However, the company maintains a robust market share and expects a further boost in sales due to the ongoing replacement of the aging truck population. This led the company to enhance its capital outlay in order to boost product lineups and manufacturing operating efficiency. In the most recent quarter, the company's profits beat the Zacks Consensus Estimate by a penny. Therefore, we have upgraded the recommendation on the shares of the company to Neutral from Underperform and set a target price of $42.00.
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