Markets & Finance

Lehman Upgrades Paccar to 'Equal-Weight'


Lehman Brothers upgraded Paccar (PCAR) to equal-weight from underweight.

Analyst Joel Tiss says his upgrade is based on improving valuation, as the stock has fallen from the $53 per share reached in March.

Tiss also notes management is smart, and says the company has a cash-rich balance sheet, with over $1 billion in cash on hand. He further notes that Paccar's board recently approved a three million share buyback, which was among the list of positive moves he had been expecting. Tiss sees $2.24 2002 earnings per share. He cut the $2.55 2003 earnings per share estimate to $2.25 in step with the 2003 estimate cuts for his machinery universe to try to account for a worst-case scenario and to probe for bottom-end valuations for many of the stocks. Tiss maintains his $43 target.


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Sponsored Financial Commentaries

Sponsored Links

Buy a link now!

 
blog comments powered by Disqus