Paccar Inc. (PCAR) Plunges 3.45% on Revenue Miss, Downgrade

Paccar Inc. (PCAR) shares fell 3.45% intraday, marking the fourth consecutive day of decline and reaching its lowest level since November 2023. The stock has dropped 12.81% over the past four days.

Citigroup recently adjusted its price target for Paccar from $112.00 to $105.00 while maintaining a "neutral" rating. This adjustment could have influenced market sentiment and contributed to the recent decline in the stock price.

Paccar reported revenues of $7.36 billion for the period, reflecting a 14.3% year-over-year decrease. This underperformance fell short of analysts' expectations by 1.3%, which may have further dampened investor confidence and negatively impacted the stock price.

Additionally, Paccar was downgraded to "Sell" by Wall Street analysts. This downgrade could lead to a decrease in investor confidence, further affecting the stock price.