Paccar was upgraded to overweight from neutral as the investment firm said the sector had some buying opportunities for long-term investors.
The Bellevue, Wash., producer of commercial trucks is one of those potential winners, the investment firm's Ann Duignan says. Her price target on Paccar is $112.
Duignan also upgraded Agco (AGCO) - Get AGCO Corporation Report, the Duluth, Ga., agricultural-equipment producer, and Terex (TEX) - Get Terex Corporation Report, the Norwalk, Conn., producer of cranes, work platforms and other equipment, to overweight from neutral.
The Goldman analyst says demand remains strong, but sector will be constrained by supply-chain challenges.
At last check, Shares of Paccar was little changed at $88.29. Agco was down 0.6% at $130.63 and Terex was off 1.8% at $46.71.
Earlier this year, Paccar and Aurora, an autonomous-vehicle startup that acquired Uber Technologies' (UBER) - Get Uber Technologies, Inc. Report driverless vehicles division, said they would develop and commercialize autonomous trucks for use in freight transportation.
The companies said they would work to integrate “Paccar's autonomous vehicle platform with the Aurora Driver to enhance the safety and operational efficiency of Paccar's customers.”
Under the partnership, Paccar will supply versions of its Peterbilt and Kenworth trucks, while Aurora will provide its hardware, software and operational services, according to a statement.
Kenworth T680 and Peterbilt 579 trucks utilizing the Aurora Driver are expected to be deployed in North America in the next several years.