Paccar price target raised to $119 from $106 at Wells Fargo

Wells Fargo analyst Jerry Revich raised the firm’s price target on Paccar (PCAR) to $119 from $106 and keeps an Equal Weight rating on the shares. The firm reiterates its positive outlook for the Machinery, Industrials & Environmental Services space heading into earnings. Wells argues the Machinery supply-driven recovery is broadening to new equipment, non-residential lead indicators are accelerating, and cash conversion is improving.