The firm lowered its rating on the stock to "underweight" from "neutral" and reduced its price target to $47 from $58, the Fly reports.
JPMorgan cited weak U.S. trucking fundamentals and PACCAR's exposure to the U.K.
The firm added that the company has one of the highest top-line exposures to the U.K. in JPMorgan's machinery coverage, which will likely pressure the stock in the near term, the Fly said.
The downgrade comes after Britain decided early Friday to exit the European Union, which has prompted a global sell-off.
PACCAR is a Bellevue, WA-based company engaged in the design, manufacture and customer support of trucks.
About 4.4 million of the company's shares were traded so far today vs. its average 30-day volume of 2.16 million shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
Among the primary strengths of the company is its generally strong cash flow from operations. The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: PCAR