Piper Jaffray analyst Alexander Potter reiterated an Overweight rating and $39 price target on Navistar International (NYSE: NAV), saying their fleet survey suggests share gains are likely. The analyst said investors should own the stock.

Potter commented, "We are reiterating our Overweight rating after reviewing the results of a fleet survey that we conducted this summer. 453 fleets responded to the survey. When it comes to brand loyalty, NAV still scores poorly amongst Class 8 (heavy duty) truck buyers, but most other brands also score poorly. In our view, a more relevant conclusion is that NAV's brand loyalty metrics have improved since August 2014, which is the last time we conducted a similar survey. This suggests that Class 8 share gains may soon materialize - most likely at the expense of Volvo/Mack. And contrary to recently-circulated concerns, we think recent share losses in the medium duty segment were optical - not real."

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Shares of Navistar International closed at $17.84 yesterday.