NEW YORK (TheStreet) -- Shares of PACCAR Inc. (PCAR) are up 0.97% to $64.40 in pre-market trade as Volkswagen (VLKAY) prepares a takeover bid for the U.S. truck maker next year, Daimler (DDAIF) Trucks Chief Wolfgang Bernhard told analysts at Bernstein Research, Reuters reports.
According to a Bernstein Research note published today, Bernhard insisted that "serious, multiple sources" informed him that VW was going to bid for Paccar next year.
Volkswagen said it isn't interested in bidding for PACCAR, rejecting comments made by Bernhard, according to Bloomberg..
Daimler declined to comment. Paccar was unavailable for comment.
TheStreet Ratings team rates PACCAR INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PACCAR INC (PCAR) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, growth in earnings per share, reasonable valuation levels and compelling growth in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
Highlights from the analysis by TheStreet Ratings Team goes as follows: