UPDATE: Sterne Agee Cuts PT to $45 on Navistar International; Restructuring Costs Higher Than Expected

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Sterne Agee maintained Navistar International (NYSE: NAV) with a Buy rating and lowered the price target from $50.00 to $45.00.Sterne Agee noted, "While we do have some degree of increased confidence in 2014/2015, we are lowering our 2013 view as a result of a deeper restructuring with higher upfront costs that we have originally modeled. Our estimate changes are as follows - 2013 EPS changes from a loss of $1.00 to $2.30. Our 2014 EPS estimate declines from $3.50 to $2.45 on the lower base level, and we introduce a 2015 EPS estimates of $4.30. Our price objective declines from $50 to $45 on our lower estimates, or about 10.5x our normalized 2015 EPS."Navistar International closed at $24.91 on Tuesday.

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