BMO Capital analyst Joel Tiss lowered his price target on Navistar to $35 from $40 and kept his Market Perform rating, saying that while the company is achieving higher profitability through improvement in product line-up, investors should be patient. The analyst notes that a "significant multiple expansion" for the stock would be difficult amid a peaking North American Class 8 cycle, warning that the timing, duration, and depth of the downturn are difficult to forecast. Tiss is also raising his FY19 EPS view to $3.55 from $3.25 but lowers his FY20 view to $2.75 from $3.40.