DA Davidson Cuts Navistar (NAV) to Neutral

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DA Davidson downgraded Navistar International (NYSE: NAV) shares from Buy to Neutral in a mid-day research note Thursday. The lowered rating follows a surprise Q1 loss and FY12 guidance which was below the Street earlier. Navistar shares are down more than 17 percent at last check.

The firm said, "There is tremendous leverage in the Navistar model (10bp of margin improvement translates to ~$0.15 in EPS), however the recent volatility of results and uncertainty on engine certification makes us more cautious on the shares."

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

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