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We have upgraded our rating from Neutral to Outperform on PACCAR (PCAR), a designer and manufacturer of premium light, medium and heavy duty trucks. PACCAR maintains a robust market share, bolstered by strong growth in Mexico and Australia.

In addition, its core business in Europe is improving. The company's profit improved significantly in the second quarter of 2010, based on strong truck sales in North America as well as a rise in Financial Services profits.

Furthermore, its cash flow nearly doubled during the first half of 2010. We set a target price of $53 for the stock.

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