Navistar (NAV) PT Raised at Piper Jaffray on Turnaround Prospects

Piper Jaffray analyst Alexander Potter reiterated an Overweight rating and boosted his price target on Navistar International (NYSE: NAV) to $47.00 (from $46.00) following solid Q3 results which provided further evidence of a turnaround.

Potter commented, "From the standpoint of profitability, the quarter was a success: adjusted EBITDA exceeded the top end of guidance and operating EPS beat consensus by 78 cents. In our view, these results demonstrate that NAV is making progress toward achieving its goal of 8-10% adjusted EBITDA margin by the end of 2015, and we are raising our estimates accordingly. Our fundamental thesis on the shares remains intact, and although market share has risen more slowly than expected, this is being offset by better-than-expected cost control and a stronger Class 8 truck market."

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 $38.41 yesterday.

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