PCAR - PACCAR stock slips as Argus cuts to Hold on macro concerns

2023-05-02 09:03:26 ET

PACCAR ( NASDAQ: PCAR ) shares dipped on Tuesday after Argus shifted to Hold due to a cloudier economic outlook.

“We are concerned about the impact of slower economic growth on the global trucking industry, and expect this to weigh on orders, sales, and earnings in the coming quarters,” equity analyst Bill Selesky commented. “As such, we have lowered our EPS estimates for both this year and next, and now expect lower earnings in 2024 than in 2023.”

While Selesky expects PACCAR to “manage through a potential downturn better than many peers,” it is not immune from near-term economic trends. As such, a shift to the sideline is warranted in his view.

Shares of PACCAR ( PCAR ) slid 1.31% prior to the opening bell on Tuesday.

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