Paccar price target raised to $126 from $120 at Truist

Truist raised the firm’s price target on Paccar (PCAR) to $126 from $120 and keeps a Hold rating on the shares after its Q1 results. Given the margin beat in Q1 and anticipated volume ramp, investors were expecting greater operating leverage and margins in Q2, but while Paccar should benefit from higher production, its margins are being weighed down by rising energy, steel, aluminum and other raw material costs, the analyst tells investors in a research note.