UPDATE: Jefferies Cuts PT to $45 on Navistar International on Lower Expectations

Jefferies reiterates its Buy rating on Navistar International NAV and reduces its price target from $70 to $45. Jefferies comments, "NAV will report F2Q EPS the week of June 4. We expect another soft quarter given recent market share weakness and also believe that guidance will be cut by $1.00 or more on a lower share and margin outlook and some continued NCP payments. However, the key question for the stock is the status of the 13L certification and resolution of the question would move the shares higher." NAV closed at $29.23 on Tuesday.