Loop Capital analyst Jeffrey Kauffman upgraded Navistar to Buy from Hold and raised his price target to $44 from $42, saying his confidence in the company's prospects and strategic initiatives has increased even as the stock price has declined 22% since the start of Q4. The analyst contends that the pullback offers an "attractive entry opportunity", particularly given the management's efforts to "improve the company's financial and competitive position" and investors' lagging adjustment to reflect the market share gains. Kauffman adds that amid the pessimism of a peaking Class 8 truck cycle, an increasing component of Navistar's earnings is coming from medium duty trucks, with the negative cycle impact further dampened by the company's market share gains and improving operating performance.