Benzinga | Jan 26, 2022 03:29PM EST

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.