09:30 AM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We trim our 12-month target price to $110 from $115, 12.8x our 2025 forecast EPS of $8.62 (up $0.31; we lift 2024 EPS by $0.55 to $8.34), in line with PCAR's long-term historical forward average. PCAR posted Q1 EPS of $2.27 (up 1% Y/Y), beating the consensus estimate by $0.07. Q1 revenue growth decelerated to 3% Y/Y, with modest contributions from Trucks (up 2%) and Parts (up 3%). As expected, new truck deliveries slid lower, with 48,100 being delivered compared to a cyclical high of 51,100 in Q1 2023. Trucks and Parts achieved gross margin of 19% in Q1, down 30 bps Y/Y, but still higher than historical levels. We continue to anticipate pre-buy activity from customers as soon as 2025 in response to revised emission standards that go into effect in 2027. Margins should benefit from this 2025-2026 refresh as newer trucks introduce favorable pricing for PCAR. We keep shares at Hold.