Rush Enterprises initiated with an Overweight at Stephens

Stephens analyst Daniel Imbro initiated coverage of Rush Enterprises with an Overweight rating and $66 price target. Rush is the largest commercial truck dealer in the U.S. with 6% market share across a very fragmented industry and is over 50% larger than its next closest competitor, the analyst tells investors in a research note. The firm believes the company’s total units should improve with the cycle. It expects 2024 to be the trough for Rush Enterprises in truck sales as EPA regulations in 2027 will start to drive pre-buying activity in 2025 and 2026.