JPMorgan Downgrades Navistar (NAV), Paccar (PCAR), Sites High Estimates and European Exposure

JPMorgan continues to be extremely bearish on shares of Navistar (NYSE: NAV) as it now has downgraded the shares to an Underweight rating.

The firm continues to believe that analyst’s estimates are too high and forecasts the Street will once again reduce its expectations. JPMorgan also anticipates shareholders will sell-off shares if management shows more interest in pursuing a merger with Oshkosh (NYSE: OSK).

JPMorgan also downgraded its rating on another U.S. commercial truck market, Paccar (Nasdaq: PCAR), due to its exposure to the European truck market. The firm still fears the region may slip into a recession.

Shares of NAV are trading up 2.53 percent on the day, while shares of OSK are trading up 5.9 percent and shares of PCAR are trading up 4.5 percent.

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