Paccar price target lowered to $95 from $105 at Citi

Citi analyst Kyle Menges lowered the firm’s price target on Paccar (PCAR) to $95 from $105 and keeps a Neutral rating on the shares as part of a Q1 earnings preview for U.S. machinery. The firm reduced estimates across the board given the view that the U.S. capex outlook is most at risk from Trump administration’s tariffs. Citi anticipates the Trump administration’s tariffs to negatively impact U.S. farmers’ exports and profits, likely extending the agriculture downcycle in North America.