Truist analyst Jamie Cook raised the firm’s price target on Paccar (PCAR) to $108 from $97 and keeps a Hold rating on the shares after its Q3 earnings beat. The company benefits from Section 232 beginning November 1st, which helps alleviate tariff costs for the remaining two months of the fourth quarter and beyond, but more importantly, Section 232 for heavy- and medium-duty trucks provides Paccar with a structural cost advantage and market share opportunity as it produces over 90% of its trucks in Texas, Ohio and Washington vs. peers with an international manufacturing footprint, the analyst tells investors in a research note.
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