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Fly News Breaks for March 18, 2015
NAV
Mar 18, 2015 | 08:35 EDT
As previously reported, Morgan Stanley downgraded Navistar to Underperform from Equal Weight. The firm believes 2016-17 consensus estimates are too aggressive and reflect aggressive incremental cost cuts and share gains. The firm cut estimates substantially and reduced its price target to $20 from $26 based on lack of market share traction to date and doubts surrounding margin expansion.
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