Citi cuts PTs of commercial vehicle makers on dour 2025 outlook
Citi Research cuts PT of commercial vehicle makers Cummins CMI.N to $360 from $430, Allison Transmission ALSN.N to $108 from $115 and PACCAR PCAR.O to $105 from $112
Brokerage cites ACT Research's recent cuts to its North America commercial vehicle outlook and sluggish freight market condition
Says dealers are seeing 'order paralysis' setting in amongst fleet customers as they await clarity on Trump administration tariff policy and potential changes to EPA's 2027 emissions standards
Says CMI has least downside risk within brokerage's coverage based on more diversified geographic/product exposure and stable pricing
Sees most downside risk for ALSN due to its high degree of operating leverage and sizeable exposure to North America truck market, followed by PCAR with the most direct exposure to same market
Including session's moves, the Dow Jones U.S. Commercial Vehicles & Trucks Index .DJUSHR has fallen 4.4% YTD
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