Navistar (NAV) PT Bumped to $40 at Piper Jaffray Post Q3

Piper Jaffray analyst Alexander Potter reiterated an Overweight rating and bumped its price target on Navistar International (NYSE: NAV) to $40.00 (from $39.00) following results. The firm said their bullish conviction is increasing following the results.

Potter commented, "We estimate that NAV’s share of truck orders rose ~300bps q/q in calendar 3Q. This is consistent with our survey work, which revealed how fleets are increasingly open to forgiving NAV for its past mistakes. With significant headroom for market share growth – and with nearly half of NAV’s US+Canada volume stemming from medium duty and bus markets – NAV is less exposed to a Class 8 cycle peak than many other stocks. There is still risk (including the potential for fines, etc), but from a fundamental standpoint we think NAV is unquestionably gaining momentum. We are increasing our price target to $40."

For an analyst ratings summary and ratings history on Navistar International click here. For more ratings news on Navistar International click here.

Shares of Navistar International closed at $16.61 yesterday.

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