BMO Capital analyst Joel Tiss lowered his price target on Navistar to $30 and also reduced his Q4 EPS forecast by 30c to $1.16 while keeping his Market Perform rating. The analyst notes that while the company has boosted its FY19 forecast for Class 6-8 retail deliveries, its preliminary FY20 industry forecast calls for retail deliveries to decline about 21% y/y, with Class 8 trucks also expected to fall about 26% y/y. Tiss further cites his expectations of Navistar's FY19 annual revenue in the lower half of guidance given the 15% production rate decline, even though the company has affirmed its sales forecasts in its Q3 results yesterday.