UPDATE: Deutsche Bank Downgrades Navistar to Hold on Weak Results

Deutsche Bank reduces its rating on Navistar NAV from Buy to Hold and reduces its price target from $50 to $23. Deutsche Bank says, "NAV reported a FQ2 loss of $1.99 per share, significantly below cons of $0.67 profit and our est of $0.89 profit. FQ2 manufacturing segment profit of $7MM was significantly worse than our $237MM est. Despite upside to our price target, we are downgrading NAV to Hold based on low visibility into near-term earnings power as well as the uncertain timetable for EPA certification of NAV's Class 8 engine." NAV closed at $24.11 on Thursday.