That's gotta hurt.
Jerry Revich, an analyst at Goldman Sachs, slashed his rating on Paccar Inc. (PCAR) to neutral on Thursday, May 31. Previously, the trucking company had been rated as a buy. Paccar had fallen 3% when the market closed on Thursday.
Paccar was trading at $62.49, which is close to its 52-week low of $60.36.
This is not the first time that Paccar has been downgraded due to the spot load-to-trck ration falling 30% over the past four months.
Revich was not the only analyst to downgrade Paccar's. On April 25, Bank of America Merrill Lynch cut Paccar to neutral and UBS followed suit on May 2.
Goldman Sachs also downgraded the American machinery sector to neutral.