Barrington Research Cuts Price Target on Navistar International (NAV), Set For the Long-Term
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Price: $44.50 --0%
Rating Summary:
9 Buy, 14 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
9 Buy, 14 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barrington Research is reaffirming its Outperform rating on shares of Navistar International (NYSE: NAV), but is reducing its price target from $75 to $65 ahead of its third quarter results.
The company is expected to release its third quarter results on September 7 before the opening bell with a webcast scheduled to take place at 10:00 am ET.
The firm estimates earnings of $1.27 per share with $3.6 billion in sales for the quarter, while the Street is currently forecasting earnings of $1.35 with $3.9 billion in sales. Barrington notes that their estimates are well below the Street due to the timing of military contracts and the availability of truck parts.
Due to the macro economic conditions, Barrington believes that the company will lower its 2012 production outlook. As a result, the firm cut its 2012 class 8 production forecast to 220,000 units from 240,000 units.
Barrington is maintaining its 2011 earnings estimate of $5.86, but is cutting its 2012 estimate from $7.00 to $5.69.
An analyst at Barrington comments, "In our opinion, investors should focus on the long-term changes at NAV over the last five-plus years, which include cost reduction and strategic new product innovation. We believe that investors are underestimating the quality of the company and the 2011-2012 earnings stability despite the slowing economy."
For more ratings news on Navistar International click here and for the rating history of Navistar International click here.
Shares of Navistar International closed at $39.58 yesterday.
The company is expected to release its third quarter results on September 7 before the opening bell with a webcast scheduled to take place at 10:00 am ET.
The firm estimates earnings of $1.27 per share with $3.6 billion in sales for the quarter, while the Street is currently forecasting earnings of $1.35 with $3.9 billion in sales. Barrington notes that their estimates are well below the Street due to the timing of military contracts and the availability of truck parts.
Due to the macro economic conditions, Barrington believes that the company will lower its 2012 production outlook. As a result, the firm cut its 2012 class 8 production forecast to 220,000 units from 240,000 units.
Barrington is maintaining its 2011 earnings estimate of $5.86, but is cutting its 2012 estimate from $7.00 to $5.69.
An analyst at Barrington comments, "In our opinion, investors should focus on the long-term changes at NAV over the last five-plus years, which include cost reduction and strategic new product innovation. We believe that investors are underestimating the quality of the company and the 2011-2012 earnings stability despite the slowing economy."
For more ratings news on Navistar International click here and for the rating history of Navistar International click here.
Shares of Navistar International closed at $39.58 yesterday.
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