Hedgeye CEO Keith McCullough is adding PACCAR (PCAR) to the long side of Investing Ideas. Below is a brief note.
Looking for new ideas? #Patience is core to the #process, Jedis...
Just because my teammate (analyst) likes a name doesn't mean I like the time/price he/she pitches it at. Especially with a longer-term, Full Cycle Investing pro like Industrials analyst Jay Van Sciver, I can usually take my time. His process is to “be early.”
In addition to ROK, he's recently added PACCAR (PCAR) to his Industrials Pro Best Ideas list. Here's a summary excerpt on why:
|
PCAR looks to us like a straightforward long position in a cyclical recovery… particularly at the ‘on sale’ current share price. A net cash position and reliance special dividends can make PCAR look less interesting at first glance. Concerns on BEV/FCEV seem absurd in a long-term context. We expect shares to outperform by ~50% into 2022. |
Cyclical bottoms are processes, not points,
KM
