Wells Fargo analyst Andrew Casey downgraded Navistar (NAV) to Equal Weight from Overweight with a price target of $37, up from $30. The analyst notes that in the wake of the Volkswagen (VWAGY) Traton unit's unsolicited $35 per share cash offer to acquire the remaining shares of Navistar that it does not already own, the stock price increased to roughly $37. The analyst believes Navistar will likely attempt to negotiate an above offer share price, but views the probability of interloper emergence as very low. Based on peer group analysis, Casey thinks a potential upside price negotiation range could be $37-$41. With the stock at roughly $37, he does not see enough upside to justify an Overweight rating.