Deutsche Bank Starts Navistar International (NAV) at Hold
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Deutsche Bank initiated coverage on Navistar International (NYSE: NAV) with a Hold rating and a price target of $14.00.
Analysts Nicole DeBlase said, "Management has guided for ~$0.8bn FY16e year-end Manufacturing cash balance; assuming our $570m FY17e cash requirements estimate is correct and typical seasonal cash use trends prevail, we come to ~$0.8bn year-end cash in FY17e, implying a ~$0.3bn buffer vs. Navistar’s self-proclaimed $0.5bn minimum balance. While we do not foresee a liquidity problem today, we highlight three potential incremental cash outflows: 1) Weaker than expected industry trends; 2) EPA fine; and 3) Y/Y increase in pension contribution."
Shares of Navistar International closed at $14.07 yesterday.
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