Paccar upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Paccar (PCAR) to Overweight from Neutral with a price target of $133, up from $108. Following the latest Section 232 proclamation that went into effect on November 1, the majority of Paccar’s tariff-related headwinds faced this year to be offset next year, the analyst tells investors in a research note. The firm believes this will bring margin recovery in 2026 while Paccar returns to positive pricing and volume growth. It sees a “multi-year share gain opportunity” post Section 232 for the company.