Analysts Bump Up PACCAR Price Target After Better-Than-Expected Q4 Results
Analysts raised the price target for PACCAR Inc (NASDAQ: PCAR) after solid Q4 results.
Credit Suisse analyst Jamie Cook raised the price target to $114 (an upside of 20%) from $109 and maintained an Outperform rating on the shares.
The analyst notes the stock was trading up after beating EPS on better sales and exceeding delivery expectations as the supply chain improves.
Cook mentions the highlight of the call was the commentary on gross margins and supply chain, implying Q4 was the trough for margins.
Morgan Stanley analyst Courtney Yakavonis increased the price target to $98 (an upside of 4%) from $94 and kept an Equal-Weight rating on the shares.
Raymond James analyst Felix Boeschen raised the price target to $108 (an upside of 14%) from $105 and kept a Strong Buy rating on the shares.
Yesterday, PACCAR reported Q4 results, with sales growth of 22.6% year-over-year to $6.3 billion, beating the consensus of $5.5 billion.
EPS for the quarter improved to $1.47 from $1.17 last year, beating the consensus of $1.32.
Peterbilt and DAF delivered 47,600 trucks in Q4, 45% higher than the previous quarter, reflecting an improvement in the global supply chain.
Cash provided by operations for FY21 was $2.19 billion, compared to $2.99 billion a year ago.
Price Action: PCAR shares are trading lower by 0.40% at $93.57 on the last check Wednesday.
Latest Ratings for PCAR
Jan 2022 | Morgan Stanley | Maintains | Equal-Weight | |
Jan 2022 | Credit Suisse | Maintains | Outperform | |
Jan 2022 | Raymond James | Maintains | Strong Buy |
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